Edit/Undo - is off by one step

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I tend to reach for Edit/Undo with the mouse instead of Ctrl/Z shortcut.  I also have a custom button setup so I can just reach up there and click Undo quickly, multiple times if needed.

But I find, quite often, that the Undo step that is listed under the Edit/Undo menu is one step behind what I'm actually undoing - showing the thing I just undid, instead of the thing I actually want to undo.

Anyone else see this bug?