No, it really doesn't. E.g. deletion of data about a contract or account that just expired (or expired <mandatory-retention-period months ago>) is data you were totally fine/required to have, but can't be deletion that can be rolled back long-term.

Section 17 (Right to be forgotten) 1a and 1b both refer to situations where there was a legitimate need to process and/or keep a subjects data.

https://gdpr-info.eu/art-17-gdpr/

Implementing this as a rollback-able delete will not be compliant.