If you need to recover a previous edit on a Microsoft Office document that you're working on (as long as it's located on Teams/Sharepoint/OneDrive), you can follow these same steps both on Office online (web browser) of Desktop Apps (the classic computer applications) to go through the different file versions:
1. Click on the File tab
2. Click on Info and then Version History on the panel to the right.
3. On the right side of the application you'll get a list of File versions (edits, renames...). Click on Open Version on any of the items listed to open that specific copy of the document and review it.
4. You can restore any of the versions to replace the current one. Or select File from the upper tab menu and then Save as if you want to save a copy of that edit without overwriting the current copy of the file.
NOTE! The option for Save as is named Save a copy on Office Online (web browser) but they perform the same function.