Versions Not Working

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I am using 5.4.2.2 and the version functionality doesn't seem to be working. If I check an earlier version and click Approve, click Exit Edit Mode and then Publish, the page still shows the most recent page and not the version I just rolled back to.

Looks like the only way I can make this work is to Remove all of the latest versions until the one I want to be live becomes the most recent. But that doesn't seem right

Is this really the way it works?
Is this a bug?

Thanks.

kreative