As a new user, I periodically forget to "Clear Selected Features" before I choose "Save as Layer File..."
The resulting layer is created, but if I forgot to "clear" first, my layer now displays the highlighed feature. I have to repeat the process, but first "Clear Selected Features.
I think it would be nice if the ArcMap displayed a prompt such as:
"Feature(s) are Currently Selected. Do you want, to "Clear Freatures" before the Layer is Saved?"
ArcMap could continue with appropriate action.