You can enter into a PI with the intention of completing a feature, but can stop work and preserve the feature by using a canceled status. A canceled status means the feature will not be worked on or is frozen. It is available for epics, capabilities, features, and stories. Canceling the item will place it in the canceled recycle bin. All its child items are moved to the canceled recycle bin as well. The canceled item is removed from all reports and views.
To cancel an item, open its slide-out panel, and then click Show More/Show All > Cancel Item on the right side. For stories, click Show More/Show All > More Options on the right side, and then click Cancel Item.
Canceled items can be restored from the canceled recycle bin.
The difference between Delete and Cancel is that you delete an item if you do not need it anymore and you cancel an item if you still need it, but will work on it later.
Imagine that you are stuck working on a feature and cannot work on it right now. You decide that you will look at it next year, so instead of deleting it, you just cancel it. When you cancel the feature, it does not show up anywhere in Jira Align. Then, you go to the canceled recycle bin and see all canceled items and decide that now you will work on this canceled feature and restore it. If you delete it, then it is a different meaning. It is more like an archive, so archiving it, and then maybe down the road you will work on it.