Doubts about the use of svn

after installing the svn client locally, connect to a server and download the project. After using it for a period of time, the version of the project has been upgraded many times, and one day a file on the server is updated again. Download the file from the server to update it locally. personal feeling is that there are only two versions before and after this modification.
(if it feels correct) isn"t svn version-controlled? Why are there only two versions? Or will there be all versions on the server?

Svn
Mar.13,2021

SVN can store multiple versions at the same time. It can be stored in different storage spaces, and multiple versions of

can be stored.
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