Yes! What's useful about archiving an event, is that you can refer back to it, and make copies of it.
For example, if I go into my archived events, I can see my sales strategy meeting. I know that we'll be holding another sales strategy meeting later this year. Therefore, instead of making a new event from scratch, I can click the COPY icon that corresponds with that event.
The COPY pop up window will appear. The only type of copy you can make from an archived event is a standalone, so after pressing that, the CREATE SINGLE COPY WITH DATE option will appear. Choose any future date, name your new event, then press SAVE.
Now, when you go back to your dashboard, you can edit this event, and it will have saved the details from the archived event that you copied.
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