Yes, the number of people involved with a multisig account is usually relatively small to make it easy to manage and I suppose there is the risk that everyone could abandon ship at some point without leaving any replacements in charge. About the change history, that should be traceable by the public keys of the signers, I think.
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The public keys of the signers are known and should be traceable but what if multiple accounts use the same key for example if the editor’s account is managed by a vault which manages many accounts and all accounts have their authorizations set to the vault account’s name.
Yeah, I guess that's the limit of traceability using the public key. :)