You might need the add-on RotaFix, which you can use to reset the object’s local coordinates using a face as a reference (among other features). It’s not called baking per se, but I believe does what you’re asking. You can avoid having to do this if you do your rotations in object mode, it will maintain the correct local coordinates. Of course it doesn’t always work out this way, especially in complex models, but if you are still blocking things out, it’s not as tough to strictly rotate in object mode.
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