A simple keyboard shortcut like CTRL Y to undo the last action.
Can't count the times I accidentally deleted a building when working on belts and pipes ...
Undo Function
This would be especially useful when working with Blueprints and accidentally deleting or adding something that just messes everything up and is a time-consuming pain in the butt to undo manually. Maybe somewhat less realistic when it's something that already exists, as opposed to a Blueprint, but perhaps it could be made to work.
I knew I'm not the only one with such a problem. Cutting whole planned project to move it to destination, one wrong button press and one (or more) hour gone...
I did it few times, cut a designed factory to move it a little bit, found out there's something in the way, hit escape. Poof, the entire thing is gone instead of snapping back to it's original place.
Ctrl-Z to undo, Ctrl-Y to redo. Keep a history of the last 10 or so actions.