What do you consider “low”?
What is it set at now?
The edit time window was discussed much at SitePoint.
Some wanted it as short as it had been at vBulletin.
Others wanted it to be up to a week.
A compromise is needed.
As you posted, too short a window and typos and other revisions can’t be made. Often resulting in “I forgot to say” follow-up posts.
But too long a window opens up the possibility that a post could be edited to have something Moderators might miss or changed in a way that could disrupt the coherence of the topic.