Freezing the synth will create wavs for each of the track the synth is outputting to. That much is clear & true.
The wavs will "live" in the associated audio track(s), as opposed to a bounce which will create a new track totally independent of the synth midi/audio.
With regards editing, provided you edit at the TRACK level, no changes will be lost when unfreezing. For example, track envelopes such as level/pan/mute etc will remain intact when you unfreeze, as will any track Fx in the Fx bin and Pro Channel provided you've set the correct options in Freeze Options
I'm not sure what happens with clip envelopes & edits, and I'm currently nowhere near my DAW but I'll check when I get home.
Something is ringing a bell telling me when you unfreeze, the wav created by the initial freeze doesn't get removed, it stays in place. If my feeling is true, then any clip editing will also remain in place.
What happens when you re-freeze the synth? This is what I need to check.