Undo not working in Acrobat 23.8.20470.0

Regardless of what action is performed, it doesn't get added to the Undo queue.

Cmd-Z does nothing, not Edit > Undo & More shows Undo as possible (the button is greyed out).

So far everything I can do is to save after each action and close/reopen the document if I didn't like the action.

I am using the "new Acrobat".