Yes, the NVR can assign any available IP address on its subnet range (192.168.254.xxx) to new/reset cameras that are connected to its PoE ports when Plug & Play is enabled.
If you defaulted the channel as I described above and then rebooted the NVR, the IP address of this channel may have changed to an available/unused IP address on the subnet IP range.
That channel/port should now be ready to receive and activate a new/reset camera.