You have access to files version history and can recover deleted files for up to 93 days from the Teams/SharePoint Recycle Bin.
- Open Teams
- Click your Team
- Click the Teams file tab
- Click Open in SharePoint in the menu to launch the Document Library in SharePoint
- Click Recycle Bin
- Select the file you need to restore
- Click Restore
Now it's quite easy to check the version history, restore a previous version, or head into the Recycle Bin to recover a deleted item. Permissions of course apply as they always do in SharePoint and you'll need to have the appropriate permission levels to restore version history or recover files from the Recycle Bin.