Explanation
Assets are records that represent products or equipment that customers have purchased or installed[174].
Related Assets are records that track the relationships between assets such as parent-child or swap[175].
Product Requests are records that track the products or parts that are requested, transferred, or returned for a service appointment[176]. Adding the Related Asset related list to the Asset Page and configuring the Product Request object would allow Universal Containers to track the Asset lifecycle when equipment has been swapped out by creating related asset records for swapped assets and creating product request records for transferring or returning assets[177]. Adding the field history tracking related list to the Asset Page would not track the Asset lifecycle when equipment has been swapped out. Field history tracking is a feature that allows tracking changes to specific fields on an object over time[178]. Configuring the Asset Relationship object would not track the Asset lifecycle when equipment has been swapped out. Asset Relationship is an object that defines the types of relationships between assets such as parent-child or swap[179]. References:
https://help.salesforce.com/s/articleView?id=sf.asset.htm&type=5
https://help.salesforce.com/s/articleView?id=sf.fs_related_assets_overview.htm&type=5
https://help.salesforce.com/s/articleView?id=sf.fs_product_requests_overview.htm&type=5
https://help.salesforce.com/s/articleView?id=sf.fs_related_assets_swap.htm&type=5
https://help.salesforce.com/s/articleView?id=sf.field_history_tracking.htm&type=5
https://developer.salesforce.com/docs/atlas.en-us.api.meta/api/sforce_api_objects_assetrelationship.htm