I searched the web thinking this would be a common question, but it appears "history steps" is the wrong search term. At any rate, the default number can get expended very quickly. I experiment a lot because I don't know the product that well and farther back I can undo, the better. I can find the the history control setting in Photoshop, but not Premiere Pro.
So the question is there a setting that can increase this number?
When I test and experiment..I will frequently duplicate the clip ( and maybe whatever effects are on it) in the same sequence..so I can keep the iterations and play around a bit more.
ie. same clip repeatedly worked on.
Backing off 32+ Levels seems time consuming and I cant imagine how you would keep track of or know what was done on each level.
You get a +1 from me on that.
Though they are two very different programs, PS allows one to adjust the Undo/History states, and with intricate operations, that can be a blessing. PrPro is set to 32 states.