Yes, I'm aware that closing the video editor window invokes a Save dialog. However, using this Save dialog is equivalent to using Export. To confirm this, take at look at the size of the new file you created in your video.
I stand corrected. In my test I used two high frame rate, hight data rate source files that resulted in a merged file having a combined total data rate on the same order as the individual source files. My mistake.
Using this workaround, the new .mov file (in the Downloads folder) is now the correct size. I don't see any reason why the Export command couldn't do the same thing.
Depending on the compression formats used in the source files, the "Export" File menu option automatically defaults to either an H.264/AAC export using the "Higher Quality" data rate setting or to a file containing Apple ProRes 422/LPCM (uncompressed audio) encoded data. H.264/AAC transcoding at the "Greater compatibility" data rate setting is only available using the Finder "Context Menu > encode Selected Video Files" option while the "Share" options employ both downsampling (context adaptive data rates based on targeted encoding dimensions) employing the lower "Greater compatibility" targeted data rate. My own personal preference, while it continues to remain available, is the QT 7 Pro "Save As..." option to retain original levels of quality and followed up by an anamorphic High Profile, Level 4.1 transcode using HandBrake if a smaller bandwidth target file is required.
ADDED:
Am now wondering if the missing "Save" option and the forced "Export" when closing the concatenated files may be QT X's way of "flattening" the content to avoid problems in certain other QT X OS and IOS based apps.