What do you want to acheive?

If you made a transaction to a wrong address or you don't want the transaction to get confirmed for any other reason, cancel it. Even if the transaction stays unconfirmed for months, It is still possible that it will be confirmed in the future.

If you want the transaction to get confirmed faster, do RBF. With canceling a transaction and making a new one, you would waste your money because you pay fee for two transactions instead of one.