Should I (M21) rethink my feelings about her (F21)?

To summarize, both of us entered a relationship during our school years, and it was a really positive experience. We never had any major disagreements or awkward fights. However, due to personal issues within my family, I developed a misunderstanding about our relationship and ended things after graduation. I take full responsibility for that decision. After we went to different universities, we maintained our friendship. A few days later, she expressed a desire to continue the relationship, but I turned her down, which hurt her deeply. Not long after, I regretted my decision and wanted to reconcile, but by then, she had lost hope in me. A few days later, I saw her Instagram story featuring her new boyfriend, and after that, we stopped communicating. Fast forward two years, I've mostly moved on, though I do feel guilty about not being true to our relationship. Since then, I haven't pursued any relationships because I didn't want to waste anyone's time. Yesterday, I received a message from her, and I found myself wondering "why now?" We talked, and she shared that she recently ended her relationship because she can't get over me. She mentioned how her college friends know about us and how fondly she remembers how I treated her during our time together. She admitted that getting into a new relationship was a mistake made out of anger toward me and loneliness, and she now sees that it was an impulsive decision. I'm open to dating again and enjoying our conversations, but I want to avoid making any rash choices. Should I give her another chance? Please share your thoughts on why or why not.