> When this keystroke is hit, it appends the last argument of the previous command to the end of the current line
There's `Meta-_` to insert the previous last word, but you cannot cycle with the previous words--it inserts the last word of the previous commands. You can give it a count, though (with Meta+nums).
There's `Meta-_` to insert the previous last word, but you cannot cycle with the previous words--it inserts the last word of the previous commands. You can give it a count, though (with Meta+nums).