Hi @Peter Kahrel and everyone,
Thanks for your patience. I checked this further with the product team and wanted to share an update.
This behavior is working as designed. Starting with InDesign 20.1, the behavior was intentionally changed so that the Undo/Redo history is retained after Save As. This was introduced as an enhancement based on user feedback.
The team also clarified that retaining the Undo/Redo stack does not increase the saved document's file size, as the history is stored in memory and is cleared when the document is closed.
If you specifically need to reset the Undo/Redo stack, the team recommends using Save a Copy instead of Save As.
I hope this helps clarify the change. Thanks again for bringing this to our attention and helping us verify the behavior across versions.
Abhishek