Do members have the ability to request a reservation for assets? Consequently, can a member cancel a reservation request that they created themselves?

Yes, staff user can reserve an asset and then cancel the reservation at a later time without intervention by the administrator. Start off by creating the reservation as shown in the image below:

When making the reservation, members can select their own name from the dropdown and hit Reserve. In order to see which reservations are currently made for a member, go to the Notifications bell icon and click on ‘Pending reservations’

From here the member can go to My Reservations and select the item they want to cancel the reservation for:

For more details: https://ezo.io/ezofficeinventory/blog/reservation-requests/