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The new update of Photoshop introduced a new feature called "Save a Copy" as a solution for those having trouble with the traditional "Save As" function. Instead of limited format options, users can now access all formats by choosing "Save a Copy" from the file menu. Additionally, users can customize keyboard shortcuts by navigating to the edit menu, selecting keyboard shortcuts, and updating preferences as needed. The update also includes a new keyboard shortcut, Alt + Control + S.