I am running into an issue where my List Version History is only showing my last two updates. All previous version history is gone. In addition, I have a column set to append changes and I am seeing the same issue, where only the last two updates are visible.
Here are my version settings.
Here are my field settings:
Here are screenshots after I made a third update and add something to the Notes field. Notice Verison 1 is missing in Verison History as well as in the appended Notes detail.