Maheswari Welcome to Microsoft Q & A Community Forum. The history tab in Azure Update Manager shows the status of the patch installation for machines and schedules. You can now setup Alerts (recently Public preview) to get notified about the status. Please refer to the docs here -Create alerts in Azure Update Manager | Microsoft Learn where "Patch installation failure" is one of the pre-defined alerts.
Rollback is in product team backlog but there no ETA for it at the moment.
Is it possible for you to share your experience on how you are currently achieving rollback to previous version?