“SOLIDWORKS Save as” saves your already existing part/assembly/drawing, with a new name, and replaces any references made to the original file with that of the new file.
“SOLIDWORKS Save as Copy” saves your already existing part/assembly/drawing, with a new name, but breaks all references to the original part. Essentially making a disassociated file that can be opened and modified with no connection to existing drawings or assemblies that contain the ‘original’ part.
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