Files created with Microsoft Lists application are saved in the organization's SharePoint. To access and recover the List backups, sign into the Backup portal and enter the SharePoint&Teams files page.
To locate Lists you can browse through the sites, or use the Search functionality by typing the search word and selecting Lists/Channels from the menu.
You can open the List by clicking the file name. The latest list version is opened by default. There is a date selector that you can use to select a past date from the calendar, starting from the first backup date of the List. When you select a date from the calendar, the List is always displayed as it was on that date.
Once you have selected the date for your list version, initiate the restoration by clicking the Restore button. The List will be restored to the same SharePoint site where it was located in backup, and you can find it in your Microsoft Lists application.
If the SharePoint site where the List was originally backed up from has been deleted from Microsoft 365, you will be directed to use the 'Select target site' option; you can select any of the existing sites as a restore destination. For more info, you can check this support article.