Yes there was an action created for this a few versions ago. It is called Cancel Orders action. You would need to make an automation command button and a rule for Automation Command Executed and then insert the Cancel Orders action. You could use specific State for Enabled so it can only be used BEFORE Submitted. Let me show you in some screenshots…
Create Cancel Orders Action:
Create Cancel Orders Automation Command Button:
Mapping for Command Button:
Create an Automation Command Executed rule: Set Default Mapping for Rule.
Here is what it looks like:
