I would like to take an existing form and make some edits but also keep the existing form without the new edits. Is that possible? And if so, how do I

Yes, you can just clone the existing form and make changes to it. The new edits will not affect the old form. Cloning a form will create a completely different form with different URL but with same fields and functionality.

Here is the guide: How-to-Clone-an-Existing-Form-from-Your-Account

Let us know if you need any further assistance.