Once you select the footage, you can remove it from the timeline by clicking on the bin icon.
FAQ -
Q) Can I restore the clips that I deleted by mistake from my timeline?
A. We currently do not have an option to restore clips deleted from your timeline. However, if you want to restore a clip instantly after you’ve deleted, you can undo the delete action with the following keyboard shortcuts:
For Mac users - Command + z
For Windows users - Ctrl + z
Q) How do I replace a clip on the timeline?
A. Here’s how you can easily replace your image or video clip in a project.
Step 1: Select a clip from the timeline by clicking on it.
Step 2: Click Replace from the action bar.
Step 3: From the left panel, hover over a clip and click ‘Replace.’