For what it’s worth this can only be still when out of record in Cubase 9.5. You can undo punch in and out audio records that you did while playing as long as you came out of record on the track. Pro Tools hosed me a few times when I went into record and I pressed undo and it cleared my last record and it wasn’t in the undo cue. I’d imagine Steinberg removed this feature for much the same reason.