I've only ever seen that happen when re-exporting using Quartz filters, where the whole point is to re-encode, and saving an e.g. 300-page PDF will take several minutes, with a progress bar.
If you're just using Preview to rearrange/combine/etc. pages, no re-encoding happens and file size stays the same.
Believe me, I do a lot of PDF management in Preview. Even to the point of creating my own Quartz filters in the ColorSync Utility precisely so that I can intentionally re-encode images when I want to. (Because the Apple-provided Quartz filters are hard-coded to abusrdly high or absurdly low resoltions.)