No edit history. But if you hit Revert and don't like it, you can shake the phone and it will ask if you want to undo the edit. "Undo" will return it to the edited version.
From Google summary:
How to enable Shake to Undo
- Open Settings
- Tap Accessibility
- Tap Touch
- Tap the switch next to Shake to Undo to turn it on
How to use Shake to Undo
- Shake your phone after making a mistake
- A prompt will appear asking if you want to undo
- Tap Undo Typing to undo
- Shake again to redo
How to disable Shake to Undo
- Open Settings
- Tap Accessibility
- Tap Touch
- Tap the switch next to Shake to Undo to turn it off
You can also undo actions by swiping three fingers from right to left.