It also outputs SWFs, same as it did decades ago. The only limitation is that you can't compile AS2 with it. That being said, this is an old workflow. For AS3

It also outputs SWFs, same as it did decades ago. The only limitation is that you can't compile AS2 with it. That being said, this is an old workflow. For AS3 most people actually would use Flash Builder (which is now Apache Flex) for the programming side and then compile in graphical & animation resources exported from Animate.