Is there is a way to recover a deleted playlist in Apple Music?

The only possible way (and to be honest, I'm not sure it will work) is to restore your iPhone from a backup that has that playlist. Be aware that restore is an all or nothing process. You cannot restore only playlists (for example) and any information on your iPhone between now and when the backup was made will be lost once you restore your iPhone.

Restore your iPhone, iPad, or iPod touch from a backup - Apple Support

Begs the question, why isn't there an "undo delete" menu command or a "restore to last saved" command to make life easier? I accidentally deleted a playlist when I wanted to change the name in the side bar, a convention in most apps. Instead it was deleted and no way to undo. Later discovered that changing playlist name takes place in the playlist window. Counter intuitive.