When I look at an arbitrary xmp file I see what looks like XML preserving a sequence of editing steps, presumably so a recent editing session can be re-instantiated without changing the original.
But If I delete or rename an xmp file and then re-open the original raw I see what looks like the end of my last session. So there must be a database of some kind too.
For difficult images I often like to re-edit multiple times. The only way I’ve been able to do that is to copy the original image to a new file name. Which is messy.
Re-naming xmp files instead (v1_1234.nef.xmp and v2_1234.nef.xmp etc) would be useful. If and only if I could open either xmp version without the database overriding my choice. Is there a way to do that?