Yes, the Insert and stay is a huge time saver and you just need to update it current weeks status. But while doing so juts keep in mind than when you create a copy of the status report, not everything gets copied as-is. The top section of the status report is always the current snapshot of the project information while the below section would be copied from the status report.
There are two ways to do these-
1. As mentioned by Balaji, you can open the latest status report and then use the "Insert & stay" option to create a copy of the status report.
2. If you are on the status report tab, then you can click the arrow beside "Create New" button and click Copy
Hope this helps.
Status Report Copy is now in the Project Workspace
In the project workspace, on the Status report page, if a status report is created, the option Copy is present
