As a moderator I just redacted such a post and am now notified, "Another moderator must approve your redaction"
Until a second moderator sees and responds to that redaction the sensitive information is public. Why require a second moderator to effect this change?
The legitimate purpose of redacting is to remove sensitive information. Delaying that seems at odds with that purpose. Furthermore, as a moderator I could unilaterally delete the post – a far more drastic action that takes effect immediately.
I can't think of many moderator actions that require a second moderator approval to take effect. Even if there is an argument for requiring the review of moderator redactions by a second moderator, in the case of redaction the redaction should take effect immediately and then it should be queued for review. Restoring potentially sensitive information is not urgent.