Yep, that’s almost 
correct. The only thing I’d clarify is the last (parenthetical) point: there isn’t currently a way to discard your saved edits per se. You can simply never publish again after making changes, and no one besides you would ever see those changes, but you’d still see them and for now there’s no way to revert to an earlier version.
In the future we plan on having a way for you to see and restore from the version history. I imagine you’d also be able to fork from an earlier version if you wanted to branch off in a different direction.