Yes and No. (You asked two questions in the title)
The first Yes is the answer to "it excludes tag-only edits", or equivalently, any edit that only changes tags of a question. (It's not possible to perform a tag edit on an answer, apparently).
The second No is the answer to "it excludes tag-wiki edits". An edit to a tag wiki or a tag wiki excerpt counts toward the S & W and the Copy Editor badge. If you edit both the wiki and the excerpt at once, they count as 2 edits to the progress of those badges.
More details >>> https://meta.stackexchange.com/a/188732