We present observations and analyses of three high-magnification microlensing events: KMT-2022-BLG-0954, KMT-2024-BLG-0697, and MOA-2024-BLG-018. All three exhibit the 'Planet/Binary' degeneracy, with planetary solutions corresponding to mass ratios in the range $-3.7 < \log q < -2.2$, while the binary solutions yield $\log q > -2.0$. For KMT-2022-BLG-0954, we identify a previously unrecognized degeneracy among planetary solutions, involving different mass ratios and normalized source radii. In all three cases, single-lens binary-source models are excluded. Bayesian analyses suggest that the planetary solutions correspond to gas giants orbiting M/K dwarfs beyond the snow line, while KMT-2022-BLG-0954 also admits an alternative interpretation as a super-Earth orbiting a late-type M dwarf. The binary solutions imply a diverse set of systems, including M-dwarf pairs and M-dwarf─brown-dwarf binaries. A review of known events subject to the 'Planet/Binary' degeneracy shows that in most cases the degeneracy cannot be resolved through follow-up high-resolution imaging, particularly in the presence of the newly identified degeneracy.