You can make an endless amount of edits. However, be aware that some weird things can happen between your desktop and app version. For example, one of my friends went to edit her chapter on Wattpad through her desktop browser. At the end, it duplicated her chapter, and wouldn’t go away.
When she hit preview, the story was twice as long because the duplication was still there. She checked the same story from her phone and everything was fixed, so was the typo. The desktop version was still messed up. There’s other weird little differences you’ll see between the desktop vs app when it comes to edits. Some won’t look like they were applied. You can always check from another phone or computer to make sure, or ask a friend to take a really quick look and point out the area they need to see for verification that the edit went through.
From what I know, these issues aren’t extremely common, so there’s that.