Different arrangements within the one project file

I often have a need to write arrangements of the same piece, featuring different orchestration or different styles. I’ve been wondering if using a series of different layouts would allow me to do this all within one overall project file, allowing me to keep all the information in one handy place.
For context, I’m thinking mainly of the situation where, as a music teacher, I’m writing several different arrangements of the school song. I would prefer writing completely different arrangements rather than attempting to write one “flexible” arrangement that could be played: by students of variable standards, with massed singers, with the school choir singing in harmony, as an instrumental piece etc.
Is there anyone out there doing the same thing? Or has anyone tried and found it is a terrible idea?

When I want a piano/vocal or organ/vocal score in addition to an orchestral arrangement, I’m likely to use a single file with multiple layouts.

But if I were duplicating instruments, say an orchestral version and a string quartet version or wind band arrangement, I would likely use separate files.