Similar to Cell or Module history, there should be an option to get on demand history on formula changes.
An option in blueprint mode to select any line item formula and get history option should be added.
This will be helpful to track formula change in multiple model builder environments.
I think this is already available (in a way).
Try comparing the Revision Tags. In there you will see the changes in the formulas you have done between revisions.
If more than 1 person is working on a model it is easier to track changes. Though each of you would be working on separate things I presume, so should be no clash.
Given revisions are a standard way to develop new things and release to TEST/PROD ... I think it is sufficient.
The above is sufficient enough as the changes in History would only appear in DEV (non-deployed models). So comparing revisions is a good way to do it 😉
As for the thing you are asking for - you can always take a copy of the formula prior to making changes to it.
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