I've got an application which I have installed alongside a newer version  with a different AppVersion, but identical AppId. If I check the control panel, I noticed installing two versions alsongside  erases the older uninstaller entry in the Control Panel uninstall list.  Why does InnoSetup do this? This forces the user to  have to manually determine the uninstaller for the other application.
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			That's as designed. The AppId identifies the software. You are not supposed to install another copy of an application with the same AppId to a different folder. If you use the same folder, the uninstaller of the latest installation would take care of all installed versions.
See https://jrsoftware.org/ishelp/index.php?topic=sameappnotes
If you want to allow parallel installations of different versions, you have to have the AppId unique per version.
Note that the entry in the uninstall list is not erased, it is overwritten, as the AppId is the key for the list.