Yep - it is possible, although System Restore normally removes its rollback files when the associated restore point is deleted. The missing 12 GB could also be related to Volume Shadow Copy storage or Windows temporary files.
First, open Command Prompt as Administrator and run:
vssadmin list shadowstorage
This shows how much disk space is currently used by shadow copies. Then run:
vssadmin list shadows
This lists any remaining shadow copies.
You can also run Disk Cleanup (cleanmgr), select C:, click Clean up system files, and check for temporary or obsolete Windows files.
I would not manually delete anything from System Volume Information. Run the two commands first, and their output should allow you to identify whether the missing space is related to System Restore.
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hth
Marcin