You probably will need to spawn another one unless you save the old Character as a reference in your current Characters BP, like a PrevCharacter variable. This will allow you to reset its position and unhide it instead of constantly spawning a new one each time since this is the main character. You can pass this variable when you spawn the new Character and doesnt need to be destroyed but it will need to be disabled, hidden etc.
The best bet is a Timer that resets the Character back rather than a delay since it’ll run ontop of other code rather than delaying any flow that may happen in the mean time.