I noodled a bit more on this feature and added this comment to the ticket:
Additionally to what @k00b mentioned: I think edits within 10 minutes should be merged into a single history entry. This way, we would keep the existing familiar UX of edits with the 10m edit timer without history and it would limit spamming the history with noisy entries if you want to "edit your edit".
This means we would have a 10 minute timer after each edit, too.
edit: but mhh, if the edit window resets after each edit, it might be possible to perpetually edit an item without ever creating any history entry 🤔