I agree, the fact the undo/redo buttons stores all changes step by step accross all adjustments can be confusing. That's why I suggested to highlight the corresponding button for each steps back and forward (the adjustment that was changed at the particular step).the undo stores all changes even on same adjustment. I found 'undo' confusing, because the tool are applied always in the same order. It's not a stack of actions (you cant have the same adjustment more than once), its to have a real time preview.
It means, if the user change it all following steps should be cleared.