With a ccProject file open in CC4, after exporting the character to an iAvatar file, the title bar shows the current file to be the .iAvatar file that was exported (instead of the ccProject file. See screen shots below).

Also, while you can still edit the character, you can no longer save the ccProject using File->Project Save.

Something's not right. CC4 version 4.22.1612.1

This has been like that since time immemorial, unfortunately.

However, you should still be able to save the avatar as project, but you have to either go through the Content Manager or select File => Save As.

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Thank you for confirming.
That's concerning on a couple of levels. Seems like it would be a very simple, quick fix.
I won't bother following up in the Feedback Tracker if it's a known issue.