Is original version of post edited during moderation stored anywhere?

With the default of five minute grace for edits of new posts, my understanding is there is no record kept of the original post if any edits are made within those five minutes as long as they don’t surpass the character limit of edits for edit history to be published.

That can be problematic for a lot of reasons so I set the grace to zero for my forum to avoid risk of having no record of possibly important edits.