Pipeline versions lets you easily replace an existing pipeline with a newer one or to rollback to a previous version in the event something went wrong.
You can only revert to a previously versioned pipeline, not to a saved point in time.
Some things to note:
When a versioned pipeline is moved, the version history is retained.
If a versioned pipeline is copied, the version history is not added to the new pipeline.
When you create or update a task, you can only choose the current version of a pipeline.