What is meant by "life" in the supplication: "O Allah, grant me life as long as You know life to be good for me," and is the prophetic wording "as You know", or "as it is", or "if You know"?

This supplication was mentioned in different versions in the hadith of Anas and Ammar, may Allah be pleased with them, among which is: "O Allah, keep me alive as long as life is better for me, and cause me to die if death is better for me." The life referred to here is the life of this world. This supplication is similar to istikharah (seeking guidance from Allah) in seeking what is best for the servant, whether to remain alive or to die, in order to prevent wishing for death.