I feel like edits within a short window should be allowed for error correction. After that it should probably be locked.
If it's left unlocked, either temporarily or permanently, there should be an edit history akin to Wikipedia to track the changes.
Add the fact that lemmy.ml and others were/still are doing applications for sign up instead of an automated system. I applied twice for a .ml account and never got a single response, not even a denial or "your application is being processed". I have no idea if my application was ever even seen.
On the other hand, I signed up to lemmy.world and kbin.social in minutes and have been using them ever since.