Wideangle,
Try this (with Load Last Saved... ticked):
Open a project and Save it - Close PTE and re-open - your Saved Project should open automatically.
Now open a NEW PROJECT - Project1 - and close it - Do Not Save - Reopen PTE
On my PC the unsaved blank project opens in PTE. The Last Saved Project DOES NOT open.
DG
P.S. V 10.0.14 Build 1