It’s confusing they way they’ve termed it, but personally I find it very useful.
“Save to new”’ does not operate like “save + save as”, it just saves the active version under a new name. After saving to new you must also save project, only then can you reload that project to the state it was in when you saved to new.
I think of “save” as a restore point, you save it in a state that you would like to get back to. After that you can make many changes during live improv sessions and tweak away. Next say you like what you’ve tweaked but not enough to make it permanent, and want to change to a different project and do stuff there, then you decide to switch back to the first and would like to continue your tweaking session. When you switch to the first its just as you left it, you continue tweaking away everything, at last you’ve tweaked too far and you reload that project to get to your preferred saved version without the two mad tweaking sessions…
Elektron has designed these boxes to save a “base state” from where you can go absolutely nuts changing parameters, live recording, all sorts of mayhem, and have the choice to continue where you left off after changing projects, or return to “base state”…