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File/Save As no longer supports saving to JPeg and most other file formats. Those activities are now in File/Export.
But Export has a serious fault, which I consider a bug — most or all of the metadata, including search keywords, are stripped from the exported file. Export’s only metadata options are “None” and “Copyright and Contact Info”. Essential info like a descriiption of the image and where it was shot, are gone!
File/Export neets a third option, “All” that keeps all the metadata and keywords from the original file!
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No, Export does NOT replace Save As. Export remains for web use only. Use Save A Copy.
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Use "Save a Copy" to save JPEG and other lossy formats, or go to Preferences > File Handling... and check "Use Legacy Save As"