TL:DR Supports versioning, migrating old versions isn’t a standard option yet but can be done.
Islandora 8 utilizes Harvard’s File Information Tool Set (FITS), Fixity auditing, bag exporting, and preservation reporting for preservation (Jordan, 2019).
Leverages Fedora 5 as the preservation layer.According to SFU’s Library DPF Action Plan in the following snippet [link]
Supports versioning of binaries within an object. Islandora processes all objects as binary objects into Fedora.
a. The migration process currently does not support migrating old versions of an object. This can be done but will take some custom processing.
Islandora 8 leverages PCDM classes for means to keep the preservation file system layer organized.
Drupal provides a concept of revisions which allows you to track the differences between multiple versions of your content and revert to older ones. The list of revisions for a node are available at http://localhost:8000/node/1/revisions. There are Drupal docs on revisioning. Media objects are also versioned in Drupal but there is not a UI component for this - see related issue. For more information see Islandora Documentation #versioning