What is Google Analytics Library:
All of your collections and reports organized in one place where you can customize them and create more. Collections allow administrators to customize the presentations of reports.
Benefits of Google Analytics Library:
Customize report navigation: In your Library, view and edit all reporting objects in a property, including collections, detail reports and overview reports.
Customize Collections: A "collection" is a set of reports. Each Collection has at least one 'topic' to organize reports further.
For example Analytics offers the predefined collection Life cycle, which has four topics: Acquisition, Engagement, Monetization, and Retention. Each topic contains reports.
Edit these existing collections and topics to change how reports appear in the report navigation, or creation your own new collection from scratch.
Customize Report: Find all your reports. Create a brand new overview report or detail repot, or edit existing reports.
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