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> What is the purpose of broadcasting the transaction data with another device?
Some like air-gapped configs. If the system Trezor is connected to does not have a network stack, you would need to broadcast the TXN form a networked system.
> Is the signed transaction data in a universal format? Is it compatible with other wallets like Electrum or Sparrow?
Yes, the bitcoin TXN data is standardized. [Here’s the layout](https://learnmeabitcoin.com/technical/transaction-data). Any Bitcoin wallet will know how to parse it.
> Can I wait indefinitely until I broadcast the transaction?
Yes
>Does it have an expiration?
No. So long as the funding UTXO is unspent the TXN is valid forever.