Is it possible to display previous post revision?

First we look into the wp_get_post_autosave function

It’s informative to see how the core function wp_get_post_autosave() uses
the wp_get_post_revisions() function.

It loops over all revisions from

$revisions = wp_get_post_revisions( 
    $post_id, 
    array( 
        'check_enabled' => false 
    ) 
);

and then uses:

foreach ( $revisions as $revision ) {
    if ( false !== strpos( $revision->post_name, "{$post_id}-autosave" ) ) {
        if ( $user_id && $user_id != $revision->post_author )
            continue;

        return $revision;
    }
}

to return the first revision with a slug containing "{$post_id}-autosave" and where the $user_id possibly matches it’s author.

Alternative

Now wp_get_post_revisions() is a wrapper for get_children(), so I wonder why it has to fetch all the revisions for the given post, before filtering out a single one. Why not try to fetch it directly, only what’s needed? When we try e.g. the following (PHP 5.4+):

$revisions = wp_get_post_revisions(
    $post_id,
    [
        'offset'       => 1,    // Start from the previous change (ofset changed to offset)
        'posts_per_page'  => 1,    // Only a single revision
        'name'            => "{$post_id}-autosave-v1",
        'check_enabled'   => false,
    ]
);

then the posts_per_page will not have any effect. After playing around with this I managed to get the following to work with the posts_per_page argument:

$revisions = wp_get_post_revisions(
    $post_id,
    [
        'offset'           => 1,    // Start from the previous change
        'posts_per_page'  => 1,    // Only a single revision
        'post_name__in'   => [ "{$post_id}-autosave-v1" ],
        'check_enabled'   => false,
    ]
);

Get only the previous revision

Now we can adjust the above to only fetch the previous revision, i.e. that’s not an auto-save:

$revisions = wp_get_post_revisions(
    $post_id,
    [
        'offset'           => 1,    // Start from the previous change
        'posts_per_page'  => 1,    // Only a single revision
        'post_name__in'   => [ "{$post_id}-revision-v1" ],
        'check_enabled'   => false,
    ]
);

Here we target the {$post_id}-revision-v1 slug.

Note the here we use the v1, but we could adjust that if needed later on.

Example

So to finally answer your question, here’s a suggestion:

$show = get_post_meta( get_the_ID(), 'somekey', true );

if( $show )
{
    // Template part
    get_template_part( 'template-parts/content' );
}
else
{
    // Fetch the previous revision only
    $revisions = wp_get_post_revisions(
        get_the_ID(),
        [
            'offset'           => 1,    // Start from the previous change
            'posts_per_page'  => 1,    // Only a single revision
            'post_name__in'   => [ sprintf( "%d-revision-v1", get_the_ID() ) ],
            'check_enabled'   => false,
        ]
    );

    if( $revisions )
    {
        $post = reset( $revisions );
        setup_postdata( $post );

        // Template part
        get_template_part( 'template-parts/content' );

        wp_reset_postdata();
    }
    else
    {
         // Some fallback here
    }
}

Hopefully you can adjust it further to your needs!