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The new feature in the recent Photoshop update replaces the traditional "Save As" option with "Save a Copy" for saving files in various formats such as PNG or JPEG. To access this feature, go to File > Save a Copy, choose the desired format, and save the file. If you prefer using keyboard shortcuts, go to Edit > Keyboard Shortcuts, then File Tab to view the list of shortcuts including Save, Save As, and Save a Copy. The updated version also includes all Alt + Control + S commands for quick access.