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No, this isn't. I'm familiar with this way of resizing the canvas, which essentially makes you guess as to what size it should be for the artwork.

I tend to start with a large canvas but if the artwork is smaller and I want to output it, I'd like to resize the canvas visually, like Illustrator. Illustrator allows you to resize the canvas visually or "to the selection" which is very convenient and usable....even for Illustrator ; ^ )

There are any number of use cases why you'd resize a canvas on the fly