Hello Brian,
Yes, PhD will create a virtual photo of adjustments made in the edit section, if you so choose. That simply saves overwriting in the library.
You'll see that the original photo is named (say) IMG_0001 and the new copy is named IMG_0001 (Virtual Copy 1).
The simples option, in my view, when creating multiple versions of the same photo is to make the necessary adjustments, then
Export or
Save to. If you've selected the "Add Exported Photos to current project" option, you can then make further adjustments and export under a different name.
The other option is to create your own (multiple) virtual copies, adjust and export each one.
I trust that sheds some light
PIX
PIX YouTube channel