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The whole site could be restored and the entire server could be restored but we do not have workbook restore options. However, workbooks can be backed up per revision and restored (Work with Content Revisions ) but if that workbook is deleted then all versions in the rev history are also removed to save space. If you think the idea of allowing backup workbooks to be retained and restored even if an admin deletes them is a worthwhile idea then I suggest adding it to Ideas. I think most people would prefer the space savings but it could be an option per site?? I suppose.
I did search the existing ideas and didn't find anything on this topic.
Thanks for bringing the idea to the forums Joel.