In TOTK, it only rewinds a specific object rather than the whole world as in Braid.

Similar, in a much a bigger scale, but with the big difference that Zelda applies rewind to objects instead of the whole level.

Also, world state is not deterministic like Braid's levels, so entities can lose its rewindable status or have their state history modified depending on certain factors (a destroyed or lost object can't be brought back with rewind, etc.).