Powershell in todays environment when running and you press the up key it will replay all your last commands, this is like the F7 key is CMD which looks like this:
The reason when you press the up arrow that you get all your previous commands is Windows will log those commands to this folder below:
C:\Users\<username>\AppData\Roaming\Microsoft\Windows\PowerShell\PSReadLine
When you open this folder, the file ConsoleHost_history.txt will contain all your historial commands:
While many people might find this annoying, it’s built into the modules for accountability, it might also be worth mentioning that the command Clear-History does not actually clear the associated text file, it will only clear the current butter in the window you’re in.
Which means if you issue a particular command, the up arrow will still cycle through all the commands you’ve supposedly cleared, that is because this particular command will only clear the F7 style history.
This feature is separate to Powershell transcript, as this requires you to start and stop the transcript with certain commands, This also is separate to the group policy object (GPO) called Powershell transcription.