Yes it can; it restored mine from time to time.
Go to your email pages, then open Time machine. It should open with a rather narrowed version of the page but decipherable all the same.
Once the grey time scale appears, scroll up until you reach the approximate date or the date of the missing mail. Highlight the mail then click restore.
Clearly it could be a long job to do all of them and I don't think there is a form of consolidated restoration.
Message was edited by: seventy one