What is the meaning of the supplication: "O Allah, for any believer whom I have insulted, make that a means of drawing closer to You on the Day of Resurrection," and do similar supplications waive the right to retribution for people's rights on the Day of Resurrection?

Muslim and Bukhari narrated a hadith on the authority of Abu Hurairah (may Allah be pleased with him) that the Messenger of Allah (peace be upon him) said: "O Allah, I am but a human being, so any Muslim man whom I have insulted, cursed, or lashed, make it a purification and mercy for him." And in Bukhari's wording: "O Allah, any believer whom I have insulted, make that a means of closeness to You until the Day of Resurrection." The jurists mentioned that seeking forgiveness for transgressions against people's rights differs between financial rights (which must be repaid and restitution sought) and rights concerning one's honor (if a greater harm is feared by informing the person, then supplication for them suffices). If a person supplicates with what is mentioned in this hadith or with what is easy for them, and their supplication is accepted, then it is hoped that their accountability for that action will be cleared.