No! There is no "recycle bin" in Teamcenter.
Only way to recover the deleted object is to go through restoring the database/volumes. If you are really interested in recovering the dataset associated with the item revision, then you have a chance depending upon your volume backup/snapshot options.
I used sfr_instance utility to create backup.
Then set the following prefs.
I can see deleted datasets without their names seen in the search.
Just the summary windows above shows it. Can be recovere into Newstuff folder but not for Items I guess.
Also is it normal to see everything as "?"