We can create new version package of codeless application using Action->Create Install Package option. The exported package will have the intended version.
To restore old version you need to un-install existing application and then install old version package through "install" option.
"Revert Customization" option is applicable on tailoring/prod setup where applications are deployed at SaaS level and Tenant did some customization on it. Such customization can be reverted which is specific to object like Record Definition or View Definition.
Thanks for the answer Ranjit.
So does this mean that we don't have the option to selectively revert different versions of specific objects(View,Process,etc.) and not the whole application?
For selective object restore you can try "Create Update Package" to take the backup of objects that you want to modify and then restore as needed. Following steps should help
1. Decide the list of objects that you want to modify and create Update Package from "Actions->Create Update Package" option. Select only those objects you are interested in and create the package.
2. At any time if you want to restore to last working state, restore the update package through "Actions->Update Application" It will only overwrite objects which are part of #1 and will not change anything in other components
Please note that while creating Update Package you have option to select objects but not while restoring it.
Though it is Not a one click solution but I think it will help address your use case.
Thanks for the information Ranjit.
It would be great if in the future object versions are stored in the cloud so anyone can pick older version and restore it if needed.
Thanks for the hint Matheo, I created an idea.