The Previous Layout function repositions the map window to the previous view. This is useful when you have a map at the scale and position that you want to print it out at, but you need to zoom in to move a map object, e.g. A label.
To go back to the previous layout:
Go to the Map Position section on the Maps tab then select Previous Layout
Note: This is not an undo function, so any changes made to map layers are kept when you move back to the previous layout