One of the shortcuts included in Gboard, a keyboard made by Google, is for the Backspace key.
The Backspace key is used to delete typed text. Pressing the Backspace key once will break a character next to the cursor.
If you have to delete a large number of letters, pressing the Backspace key repeatedly will delete them one by one.
If you make a mistake and want to retrieve it, you will not be able to do so. If you make a mistake you will not be able to retrieve your password.
If you are trained to use this method and use it when you need it, you can easily recall the mistake. One thing to keep in mind is that you can only retrieve it before you can touch another bar key.