With the exception of “Restore”, everything you are describing is standard behavior for modern macOS programs, as defined by Apple user interface guidelines. You are correct that this is different than Panorama 6 – Panorama 6 is definitely does NOT follow modern Apple guidelines. From now on, Panorama X will follow Apple guidelines.
There is no “Restore” command – did you mean “Revert”? That should come up with an interface that is a lot like Time Machine. You can then pick any previous version to restore. This does work, though recently I came across a display bug that can sometimes occur that I will need to track down. Also, I am considering adding a Revert to Last Saved command that will revert immediately to that version without bothering to go thru the “time machine” interface, much as Panorama 6 did.