Hypothetically, if I were to first change a project out of its original state, but then delete it, would there be any way to 1.) recover the project and 2.) restore it back to its original state?

Hypothetically, of course.

1) Go to the “trash” section (below my studios)
2) Find the project you want to recover
3) Click “Put back”

you can recover the project using this button

but you can't “rewind” or “undo” anything