Timeline can be enabled in the base object thru hub console.
In E360, under history you could see the timeline based changes.
Is it what you're looking for?
Timeline Functionality is not available in E360 as of now. You have to continue using SA based IDD application in case you want to utilize the timeline functionality.
To add, this feature is slated to be available in future release, tentatively its 10.5
As rightly pointed by Rahul, We have don’t have timeline feature for business entities, E360 application will be build on business entities. However you can go with hybrid mode with SA application if you need to use the same.