Yes - the auditing is there (although no edit log is visible to the mod team - we’d have to click on individual posts to find out if they’d been edited by a TL4).
This auditing is helpful, but would not prevent a bad edit happening, which may come as a shock to members unfamiliar with the trust level system. People are very sensitive about having their posts edited. Even by known members of the team, let alone seemingly random forum members.
It would be rare, but a bad edit might feel like a “breach of trust” to a member, and I’m careful to avoid this.