I didn't see your response here until now Arun, but yes that is how I am looking at the problem. The attached image shows a file I am currently working with.
It started as the DES-387 file which was shared out and then duplicated into the DES-416 file and shared out and then duplicated as the DES-429 file and shared out. There is no way to remove those other links from the list on this twice duplicated file. The other two files in the chain still exist and are still shared out in their respective files.
Before the changes to the sharing setup, it was a matter of changing the name of the share link in the copied document and it would create a new one, but leave the old one alone so that stayed connected to the old file. Now it retains that information and I do as others are saying and copy most of my files to a new one for a starting point.
This will quickly get out of hand if I continue to make files the same way.
I too am struggling against the ability to have both the asset panel and layer panel open at the same time. I work with layers a lot and having to switch between them is slowing down my process.