When and If, Does the 'version' in ContentVersion Change?

I’m using the lightning-file-upload component to upload files (wow).

My question is: is it safe to add a custom lookup relationship on the ContentVersion object?

I guess I don’t really understand the ‘version’ part of the name. Since we have to use isLatest = true when we query, does that mean the contentVersion changes on its own and therefore the custom relationship isn’t reliable, in the way, that a new version would be created and that record wouldn’t have the correct relationship?