The way this discussion has been framed is a bit out of focus. In the end, the only question is whether the owner of the site wants to increase the number of moderators.
As the inmates, we could provide feedback on whether we would be more or less likely to contribute or whether we believe more or less members would be attracted, if there was greater moderation.
Otherwise, it's just not our call. We get what we pay for here. On another site that I pay for with dues to an association, I feel I have more say. I have no issues with the current level of moderation, nor have any concern over edited or deleted posts. I don't care. I'm fine, if others do care. They can go back and delete a couple thousand of mine and probably should.
I can't think of a single part of my life that is affected by what is or is not moderated here. It's just a conversation.