Hello,
Thank you for the detailed testing. Based on your description, this does look like a possible File History regression introduced after KB5101684, especially since reselecting the same backup drive immediately rebuilds the version history.
Microsoft’s KB5101684 release notes currently state that there are no known issues. The update does include a File History fix, but that fix specifically concerns automatic backups to SMB network shares, not local drives such as D:. Therefore, your local-drive issue does not appear to be officially documented yet:
https://support.microsoft.com/help/5101684
One important point: you do not need to sign in to Feedback Hub to submit a new report. Microsoft confirms that unsigned users can still submit new feedback; signing in is mainly required to search existing feedback and track its status:
https://support.microsoft.com/windows/f59187f8-8739-22d6-ba93-f66612949332
Press Win + F, choose “Report a problem,” and submit it without signing in. If possible, use “Recreate my problem” and reproduce the issue by modifying a file, running File History, and showing that the timestamp/version does not update. This will include diagnostic information from the affected PC, which is much more useful to Microsoft than another user submitting the report on your behalf.
Suggested title:
“File History version timestamps and Previous Versions not updating after KB5101684”
For now, reselecting the same File History drive appears to be a reasonable temporary workaround.