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Dear @Gradlon,
Thank you for the detailed investigation.
Based on your testing, the most significant observation is that the issue reproduces in Version 2609 (Build 20430.20146) but not in Beta Channel Version 2610 (Build 20527.20000). That strongly suggests this is not a problem with your VSTO add-in implementation, but rather a change in PowerPoint behavior between builds.
Additionally, Microsoft documentation states that PresentationBeforeSave is triggered as the Save As dialog appears, so the behavior you are seeing does not appear consistent with the documented event behavior.
I am not aware of a publicly documented bug or KB article covering this specific regression. However, the fact that the issue is not reproducible in the newer Beta build may indicate that a fix has already been implemented and is awaiting rollout to production channels.
One practical recommendation would be to continue using the Beta Channel build for validation purposes, since you've already confirmed the differing behavior between the two builds. That comparison is one of the strongest indicators that this may be a PowerPoint regression rather than an issue in your VSTO implementation.
If you have access to Microsoft Support, I would recommend opening a support case and including the two build numbers along with a minimal reproducible sample. Build-to-build comparisons are often very helpful when investigating potential regressions.
As a temporary workaround, you may also want to avoid relying exclusively on PresentationSave or PresentationBeforeSave for Save As scenarios until the behavior is clarified, particularly if the add-in needs to support Current Channel users.
I hope this information helps point you in the right direction.
Warm regards,
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