I’ve spent over an hour designing this building and I misclicked and now there’s a free standing wall in the wrong place, and I can’t seem to delete it. The erase tool doesn’t work, Ctrl + Z doesn’t work, manually clicking Undo doesn’t work… Help?? Am I missing something or is there actually nothing I can do besides scrap the ENTIRE building and start over?
You have fallen into the beartrap and i am sorry to say that there is no way out again. 
BUT the developers are working on a completely new building tool as we speak, that will get rid of all these problems, so if you just sit tight, there will come someone along in the future to build you a ladder to freedom 
But for now, you will need to rebuild your project. Make sure to use the save option before you place any walls. Stay away from the undo button (it dont work and only make problems worse). Plan ahead, sketch out your building beforehand and keep climbing the mountain to succes! 
May the wind be at your back.
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Now to decide whether I want to redo the entire building, or wait for the new system haha. Is there a release date for it yet?
No and it will be a while. Make sure to join the quarterly stream wednesday where you can ask the developers in greater details about it 
If you want, you can check out some of these videos i have made about using the current buildingtool:
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