I agree that the terms are misnomers - and it is a very counterintuitive way of working.
1) "Save as New" active Project B as Project B2.
2) "Change" to old Project A, finish Project.
3) "Change" to Project B2, make edit you hate.
4) You cannot "Reload" Project B2 because it has no "Save State".
The solution is to" Save" after you have "Saved as New" but this repeats the (sometimes slow) act of saving the entire Project rather than just saving a single boolean State value.
I can't believe it was designed this way from the start. What is wrong with the universally used "Load, Save, Save As"?