I work in Finance at my company and we always save revised copies for Excel files instead of saving over.
But we also have strict rules on it. File name is always “xxxx_Workbook Template Name_MMDDYY.xlsx” or “_YYYY_MM.xlsx”, depending on how often it gets updated.
Older versions get moved to a subfolder. It helps us go back and find out what something was if there was a mistake or revert back if Excel done fucks up.