Version History let's you see the changes that have been made to the note over time. So don't worry if something gets deleted, you can use Version History to scroll back through past versions and restore the content in any note (1-on-1, meeting, or shared/private stream)
Note: this is currently a pro and organization only feature
There are two ways to access Version History.
One is to click on the date of the note in the bottom corner (updated X), as shown in the gif.
The other way would be to click on the triple dot menu in the upper right hand corner and select "Version History" from the drop down.