Can Approver and Creator both set the current versions of a file?

Yes, both the Creator and the Approver have the authority to manage the history of a file and set any older version as the current working version. This is a powerful feature used to revert to a previous state.

Updating an older version to ‘Current Version‘ in the workspace will keep the overall status unchanged, allowing the team to continue the workflow (review, revision, or approval) using the restored content.