Saints sign RB Lynn Bowden, WR Keke Coutee, and former Bengals 1st round OL Billy Price (edit: Price cut on 7/20, Coutee cut 8/11)

Well Kawaan Baker has been here for 3 years and was a 7th round pick not a rookie free agent, which doesn't mean much, but if he hasn't developed enough to break the roster yet. Why not waive him and keep the young talent and develop them instead. Baker has been on the practice squad for 3 years. If you ain't able to make the roster after 3 years on the PS, it's time to cut bait.
Shaquan Davis will probably be on the PS and if the Saints decide to keep 6 receivers, I think A.T. Perry will get that last spot.

Baker was drafted in 2021, that's only 2 years in the league.

He was suspended for 6 games in 2022. He bounced around a few teams Practice Squads in Nov/Dec, was reinstated by the NFL on December 17, 2022 before landing back with the Saints on December 27, 2022.

You're been on the practice squad for 3 years is very inaccurate.