The 3D > Previous View command replaces the current view with the view displayed immediately before it. This command is not available when you first open a file because there is no previous view at that point.
Because you can edit markups only from the view in which they were created, you can use this feature to toggle between the view in which markups are created and another view.
This command can restore only view properties for scale and orientation. It has no effect on display operations, styles, or other view properties.