Doesn't the kill ring also behave similarly. That if you move through the kill ring and stop, next time it will start from that point, rather than the latest killed text?
I think the default M-y does that and it's confusing. helm-show-kill-ring or counsel-yank-pop makes this much more manageable kind of like how undo-tree makes undoing simpler.
I always get confused if I use too much of it.