It still hasn't been added.
The first x minutes of a post are _heavily_ influential in the success of the post, editing after allows you to hijack successful titles for gain (spam)
For large subs, posts only hit the top of /new for x minutes (for small x), editing after is basically useless if it's not successful in that time
Mods patrol the /new queue as posts come in, allowing editing will complicate moderation which is already a difficult job
Yes it could be misused, but go on any forum where you can edit titles or post content and look at how often such a feature actually does get abused.
It pretty much never happens. Most people (like 99.99% of them) either use the functionality how it was intended or don't bother editing at all.
I don't see the point of limiting a feature because about 0.1% of the userbase might theoretically abuse it in a certain situation. It's basically the social media/forum equivalent of the trolley problem and automated cars. Something that's going to happen very rarely at the most but draws a lot of discussion about 'what ifs'.
Its quite possible many features simply would raise their costs by .X% and therefore were impossible for that reason.
This starts approaching a blogging or CMS system, but then, Reddit is already damned close to that, though with a larger community than most same.
Under this model:
* An item would be submitted.
* If approvals / edit / drafting is set, it goes to a submission or edit queue.
* A set of mods/editors would provide feedback and/or make edits (which of these apply depending on the sub).
* The item is then submitted.
This would allow for adjusting titles, self-text, formatting, etc. I'm not claiming this is something all subs would want, but some would (and I've a few specific ones in mind).
For now, the fix is to delete the submission entirely and submit it anew. I've certainly done that within my own sub(s).