I save projects as a new version almost hourly, making it very easy to step back. What I would find more useful is, say, going back 3 minutes to undo just 1 change that may not be working out (simple undo button next to the event). That’s how mixer history would benefit me the most. Perhaps this is a coding nightmare, I don’t know - I’m just a producer! But I agree this is a step in the right direction, but not a complete solution.
We have the same situation with Render In Place, and Import Tracks from Projects: both amazing additions, and used many times every day, but they could be implemented so much better, IMO.