I made an edit suggestion that I later realized was wrong. It has not been accepted or rejected yet.
Can I take back my own edit suggestions so that it does not need to be reviewed?
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Nope, once it has been submitted it is subject to peer review.
If incorrect, not substantial enough, or whatever else, it should be picked up on and rejected - unless someone feeling particularly cavalier gets hasty with the approval button, which seems to happen on occasion.
Ultimately, the community will mostly help recover from even others' mistakes.
And, as of now, your suggested edit has been rejected.
My two cents:
It's rarely good idea to add code into existing answers. Fixing small typo is fine, even in code, but not change it or add your own code. That's what comments exist for, and the post author can choose to fix the answer.
If you feel your suggestion was wrong after sending it you can click the edit link again and correct your edit - assuming you're in the five minutes grace period nobody will even be able to see your mistake.