No, there's no way to reverse that change. If you did
original <- c(1.1,2.1,2.1,1.1,2.1)
manipulated <- factor(original)
then the values 1.1 and 2.1 would be converted to character strings and stored as the levels. But your conversion
manipulated <- factor(original, labels = c("one", "two") )
overwrites the levels with c("one", "two"), so the original values are no longer part of manipulated.
If you wanted the change to be reversible, you could do the manipulation in two steps:
original <- c(1.1,2.1,2.1,1.1,2.1)
manipulated <- factor(original)
savedLevels <- levels(manipulated)
levels(manipulated) <- c("one", "two")
restored <- as.numeric( savedLevels[manipulated] )
restored
#> [1] 1.1 2.1 2.1 1.1 2.1
It's not guaranteed to be perfect since character versions of numbers aren't exact, but it's going to be very close.