Is versioning like undo?

Is versioning like the undo in current Plone? What's the difference between undo page (history) and versions?

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The undo is more an editing feature, useful to go back when mistakes are made (generally in a short period of time.)
Versioning is basically archiving important document versions, to have control on changes over time, even very long periods.

The history page records the last changes to a document, and an entry is made for every save while editing the document.
The versions instead are generally explicitly saved by the author (with a comment) to record an important step in the life of the document. Sometimes the workflow can take care of saving a version too.

Remember also that the history is reset every time the Zope DB is packed.
Versions instead are solid copies of the objects stored in a repository, they are not removed unless the object is deleted or the versioning system is uninstalled from the system.