Managing My Flow Versions

As described in the flow listing section. There, you will see all the lists of versions associated with a flow, the status of each version, and even edit each version.

Versions Logic

The logic behind the versions is that there can be only one active version per flow. In case you edit a version that is in publish status and then save it as a draft a new version is created. While the new version will have the draft status and the previous one will remain active.
Now if the new version is published, the previous version will change the status from active to finalizing. It means, that all executions that were running in the previous version will continue with that version and then once those executions are finalized then the version will change from finalizing to inactive. In the case of new executions coming after the new version is active will use the new version with its changes.