Yes. Uploading a file with the same name into the same Resources folder adds a new version. It does not overwrite the old one and it does not create a second, separate file sitting alongside it.
Every upload becomes a new version of the same file
Resources tracks a file's own history separately from the file itself. The first upload is version 1. Upload again under the same name in the same folder and it becomes version 2, then version 3, and so on. Nothing is deleted or replaced: older versions stay in storage and stay retrievable.
Open a file's history and you see every version listed: its number, its size, the date it was uploaded, who uploaded it, and any comment left with that upload. Each version has its own Open link, so you can download an earlier version even after a newer one has replaced it as current.
Behind the scenes each version is stored under its own key, so a same-named upload can never collide with the previous one at the storage level. What you see as one file with several versions is, underneath, a separate object per version.
Trashing a file does not destroy it
Selecting Trash on a file or folder does not delete it. It is marked deleted and dropped from the visible list, and you can bring it back with Restore. Trashing a folder trashes everything inside it the same way. The bytes are never removed.
Resources files are not part of a project's version history
The Version history panel in the project editor is a different feature. A project version only records the title, the description, the location, and the media list on the project page: images, video, PDFs and embeds. It does not record anything from Resources. Restoring an old project version does not touch your Resources files or roll a file back to an earlier version. The two histories run side by side and never affect each other.
What to do with old files
Versions stack under one file, so keep uploading under the same name if you want a single running history. If you want two versions visible side by side, upload the newer one under a different name instead, or trash the file you no longer need once the new one is confirmed right.