No, Disk Utility can't recover files. It's a disk management tool on macOS used for checking and repairing, formatting, partitioning, and mounting or unmounting internal or external drives. To recover lost data from the inadvertently reformatted SD card, you need iBoysoft Data Recovery for Mac.
It's one of the best SD card recovery software, praised for its performance, speed, and ease of usage. You can use it to recover the formatted SD card on Mac and free preview the files it can get back.
This software is read-only and supports recovering videos, audio, photos, documents, etc from Intel and Apple Silicon Macs running the prevailed OSes (macOS 13 Ventura ~ Mac OS X 10.11 El Capitan).
You can take the following steps to recover data from the formatted SD card on Mac.
Step 1: Free download and install iBoysoft Data Recovery for Mac.
Step 2: Ensure the SD card is connected to your Mac.
Step 3: Open the software, select your formatted SD card and click "Search for Lost Data."
Step 4: Preview the found files.
Step 5: Tick the checkboxes before the files you want to restore, then tap the Recover button and save them to your Mac or a different storage device.