Not sure when exactly this started, I think I skipped a version, but it's happening in 25.11.0 and I don't think it was in the earlier 25.x versions. Basically the bug is that Undo and Step Backward now do the same thing on a Curves layer, whereas before Undo would only undo what you just did. Clearer with an example:
Old, expected, behavior:
1- Go to an exisiting or new curves layer. Let's say there's a point darkening it at 128 in 120 out.
2- We want it a little lighter and redder. Click the point at 128 in, press the up arrow 4 times, so it's now 124 out.
3- Go to the Red channel. Create a new point, move it to 128 in, 130 out.
4- It's not red enough, shift + Up arrow, so it's 140 out.
5- That's way too red, hit Undo, the point is now back at 130 out, and you can tap Up a few times without shift til it's right.
New, frustrating behavior:
Steps 1-4 the same, but when we get to Step 5:
5- Hit Undo, it brings the curve back to where it was in Step 1 (same as Step Backward would have in both the old and new behavior), with the RGB point back where it was and no point at all in the Red channel.
We can either:
6- Redo, hopefully remember what we did in Step 4
7- Manually undo it by pressing Shift-Down
Or:
6- Start over from Step 1 and be more careful this time.
Neither of these are great, and since there's already the Step Backwards command it doesn't make sense for Undo to do the exact same thing, in this scenario. The original was how it had behaved for the 13 years I've been using Photoshop, as far as I can recall, and I hope it is restored.