Does Appian application support branching, labeling, merging features using Appian versioning Manager?
For ex. we want to go to previous release and meanwhile we have added new artifacts into application, will it be possible to move to actual previous application while working with Application versioning manager with Git.
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You can connect different systems to have this kind of behavior but since Appian doesn't delete components it behaves a bit differently than you may be used to. For more information have a look at the Appian playbook:
https://community.appian.com/w/the-appian-playbook/1846/application-deployment-guide
However, you 'll have to revert components individually and create a package to deploy this old version.
TLDR; Kind of yes, it just depends on what exactly you are trying to do.