A bit of extra detail on that. It seems that you get to spruce and tidy up a post for up to 5 minutes, and then any edits after that give it a little orange History pencil. Then after 24 hours (at TL1 at least) it’s closed to edits.
It doesn’t appear that other people’s edit histories are viewable at TL1, but if I tap on my own I can see the before and after gallery (depending on how many I’ve done ). So I can go backwards and forwards in that and the changes are all highlighted.
And I think you get a grace period on editing an edit too, so if you quickly need to go back in and fix a typo it won’t keep adding numbers to your pencil.
When we feel love and kindness toward others, it not only makes others feel loved and cared for, but it helps us also to develop inner happiness and peace. — Tenzin Gyatso, 14th Dalai Lama