Image Resizing Request Metric Clarification

Hi, I am looking at the Image Resizing metrics under Speed -> Overview and showing images under the Content Type heading and wanted to know if the amount of image requests it says in there is actually the amount of requests per day? Trying to work out if implementing this on more pages will get us close to our limit request limit.

For example if I see numbers like PNG = 1,700, WEBP = 64,000, JPG = 67,000 Error = 50 (not our actual numbers) does this mean that the total amount of image resizing requests are 132,750 within the last 24 hours and count towards our limit request limit imposed on our package?

Also one other thing, what happens when we reach the limit, do the images not get served anymore or would we just get charged over the requested amount per month?