Mastodon has Delete & Re-draft
Been using Mastodon since April and that does have a "Delete & Re-draft" option which does as it says, deletes the post & put's it back in the editor so you can re-draft it. Any interaction between the original post & delete is then lost which is a good thing as that prevents misuse.
So if this is not an undo but a true edit then expect it to be abused. They could do one version, people interact then change it but the interactions remain and if the context has changed it could get messy
Biting the hand that feeds IT
