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Yes, that command is yankpop, commonly bound to ^[ Y.
The yankpop command (usually bound to ^[ Y) pastes the last deletion at the point. The last deletion might have been more consecutive delete commands so if you delete more lines by pressing ^Y many times at once you can paste them at once. If you press ^[ Y repeatedly, you can rotate through the last few deletions.
I use this command very often. This is actually the normal way of moving text around in emacs, vi, and pico; but joe has inherited the other way (^K ^M and ^K ^C) from wordstar.