Yes — for 3 days. Deleted items move to a Deleted status rather than disappearing, and you can restore them from there. After 3 days they are permanently removed and cannot be recovered.
Restore a deleted item
Go to your Inventory screen.
Open the filters and choose Deleted to see recently deleted items.
Open the item and tap Restore. The detail screen also shows the date it will be permanently deleted.
You can also swipe right-to-left on an item in the Deleted list to get a Restore option without opening it.
Restored items return to the status they had before you deleted them.
Good to Know
Deleted items never count as a loss -- they're left out of your reports entirely. To record an item as a loss, Scratch it instead.
There's no way to permanently remove a Deleted item early. It stays in the Deleted list, restorable, until its 3 days are up.
Bulk-deleting items that are already Deleted restarts their 3-day clock.
This is different from deleting your account
Deleting an item is recoverable for 3 days. Deleting your account is not the same thing — that removes all of your data and cannot be undone. See How do I delete my account, and what happens to my data?.
Cancelling your subscription is different again: cancelling never deletes anything.