Damir A while back I suggested HISTORY should be used to do all that, leaving playlists simple to use.
As playlists grow we should be able to reduce their number and have them in history for later use if needed leaving only recent and relevant playlists in playlist mode.
And what has been implemented in ST4 Playlists with folders provides that outcome.
However, History only appears to work well if you are looking at the problem from the perspective of the song, i.e. when did I last play this song, how many times have I played this song, etc.
If this were a more full-featured app (effectively had a rich front-end for list view that catered for lots of metadata), then yes, it would be sufficient because you could reverse engineer the building of historical playlists based on enough metadata being stored for each song.
But it isn't.
And so if your primary concern starts with the Playlist, and the songs within, then History in it's current form really doesn't provide a good solution.
BTW, when I say it isn't a full-featured app above, that is not a dig at ST. It's a concession of the constraints of being a 'mobile/touch device interface driven' app as opposed to something that you would use on a computer (unless you are using the MacOS version which most do not seem to). I'd love there to be a LOT more telemetry, historical operations, and metadata captured to be able to refer back to, but it's just not that easy, and therefore viable, in an iOS interface.