No. It is not possible to restore projects that have been deleted. We recommend that you keep your projects in the Archive if you are unsure if you will need them again in the future. There are no limits to how long you can store projects in the Archive.
Note that deleting a project is only possible from the ARCHIVE tab. When you click ‘Delete’, you will see a message to confirm if you want to delete the project.
Learn more here: Projects Tool