unless you are debugging tor, you shouldn’t log things more verbose than notice. It’s probably not useful to you, can contain sensitive information about what you were doing (in case someone manages to get access to your logs) and is, well, a lot more verbose.
Log rotation isn’t handled by tor. You should use something like logrotate, and configure it to send SIGHUP to tor when tor needs to start writing into a new file. Or you can log to syslog or journald.