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For editing you are talking about you need to move to something with "layers" in editing like Photoshop or Gimp. Photos does non-destructive editing, preserving the original image for you so that you can redo/undo what you did, although I don't think you can actually edit something you've added, just revert it away and re-enter. If this is how you want to work, you might consider changing the editor you use from Preview to Photos.
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That only works if TM is turned on, obviously, but it might be of some use. and see if you have an old image in Time Machine that you can pull back from before it was saved. Ok, that said, you might try opening the image in Preview, then click on File/Revert to. From your sequence, you are saving the edits and then renaming the file, but at that point the edits have already been saved and the original file overwritten. (This happens in Mac OS 10.4.9 the latest at the time of writing and I’m pretty sure it affects earlier versions too. What you might think about doing is to rename the image at the time you OPEN the document and well before you start to make the edits and preserve the original image with NO edits just in case you want to restore later. This is all very well, but occasionally Preview displays the images in the wrong order in the drawer.
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The edits, when saved, become a permanent part of the new image.
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