Hi Just Lisa,
I don't use Studio One so I can't speak from experience, but I did run across this video that clarifies the Save Version vs Save As. The creator recommends using 'Save as' for most purposes.
In Reaper you can set up a template for auto-incrementing file names, and it will also do auto backups using different version numbers at specified time intervals while you are working - maybe Studio One has the same functionality?
Hope it helps!