There are various ways to delete the most recent version of a document in the current branch.
Deleting a version cannot be undone.
You must have the Full permission to delete a document version. You cannot delete any but the most recent version. When you delete a version, you delete the objects it contains.
When you delete a version, you may delete the target objects of shortcuts in other models; however these target objects are likely to exist in the versions following the deleted version. This has no impact in the repository, links between shortcuts and target objects are re-build after a check out, in the local workspace.