When hovering over the icons, a tooltip tells you which operation is undone or redone.
You can undo most operations which change important aspects of the form:
Supported undo/redo actions
insertion and deletion
control, grid, grid row, section and section template
moving
control (via drag and drop)
section (up/down/right/left arrows)
settings
rename control, grid or section
other control, grid or section settings, including itemsets, labels, hint, and validations
section template merging (new in 2017.2)
Limitations
In this initial version, it is not yet possible to undo changes to the form definition's source code with Edit Source, or changes to actions, services, and other global form settings. We hope to support undoing these operations in the future.