or it can mean a document that has a name and a path, that has unsaved
changes.

Open such a document. Make a minor change and then run this code.

Sub Test()
If ActiveDocument.Saved = True Then
MsgBox "Larry's statement is confirmed"
Else
MsgBox "Saved is not a VBA condition that applies to a" _
& " named document with unsaved changes."
End If
End Sub