The Base Set wording let a player pick a Pokémon and a Stage, discarding all Evolution cards of that Stage or higher and clearing any Special Conditions as if it had just evolved. The Dragons Exalted rework changed this into a devolve effect, putting the Pokémon's highest Stage Evolution card into hand and preventing that Pokémon from evolving again that turn. The Fates Collide wording only capitalizes Stage.
Devolution Spray debuted in the WOTC era's Base Set with Keiji Kinebuchi art, then returned in the Black and White era's Dragons Exalted with new art by Ryo Ueda and the reworked effect. It appeared again in the XY era's Fates Collide with art by Toyste Beach, and as a retro card in Evolutions reusing the original Kinebuchi artwork. Our catalog lists 4 printings.
The Dragons Exalted print's effect essentially matches that of Hyper Devolution Spray, a card from the earlier Neo Discovery set.
The Base Set printing is Devolution Spray's first release
The Dragons Exalted printing introduced the devolve-and-return-to-hand effect
The Evolutions printing reprints the original Base Set artwork in a retro template
It turned the card from a full Evolution discard and status cure into a devolve effect that returns the highest Stage Evolution card to hand.
Hyper Devolution Spray from Neo Discovery, according to Bulbapedia's trivia for the card.
From Base Set (1999) · 1 printing
Choose 1 of your own Pokémon in play and a Stage of Evolution. Discard all Evolution cards of that Stage or higher attached to that Pokémon. That Pokémon is no longer Asleep, Confused, Paralyzed, Poisoned, or anything else that might be the result of an attack (just as if you had evolved it).
From Dragons Exalted (2012) · 3 printings
Devolve 1 of your evolved Pokémon and put the highest stage Evolution card on it into your hand. (That Pokémon can’t evolve this turn.)

Devolution Spray
Item
First printed in Base Set (1999)
Devolve 1 of your evolved Pokémon and put the highest Stage Evolution card on it into your hand. (That Pokémon can't evolve this turn.)