One feature Mastodon does better than virtually every other platform is the edit button. It's free, has unlimited edits, is not time limited, has edit history, edit notifications, real-time updates, and is generally just awesome. As someone who does a LOT of typos, and constantly forgets alt text etc, I am eternally grateful to the Mastodon Devs for such a flawless implementation.
@phocks painful as it might sound, unless I notice the typo straight away or the error really is very misleading, I leave it as it is
Fixing a typo on a post after people have liked or boosted it sends them all a notification. This is an annoyance, but a necessary one because the meaning may have changed
Personally if anything I've boosted gets edited more than 30 minutes after it was posted I just unboost it. I kinda wish that could be automated instead of me getting a notification
That's a selectable option (being notified of edits) -- at least under Glitch Edition; maybe that choice isn't available in trunk Masto.
It's not really necessary in most cases because of the edit history always being available.