For context, I have no diamond by my name, and thus can't offer an official statement regarding policy, so the opinion that follows may be trumped by an actual mod coming along. That said...
First off, I do think that your concern is a valid one. What I read from your post and comments isn't that Joe Random makes bad edits that you can unilaterally always overrule at your whim, but that Joe gets it wrong sometimes, especially when it comes to semantics (what's rude/ insensitive) rather than syntax (factually right or wrong information/ formatting), because semantics are a lot more about what you personally mean/ intend rather than about what's factually correct.
TL;DR - I think the only real answer here is that it depends, and context matters.
It's been established that moderator edits aren't special on a system level; they aren't recorded differently than edits by privileged users, and they can be rolled back just like a standard edit, with the exact same effects on the system level as rolling back any other edit.
But this isn't what you're asking about, because you're wondering whether a mod will penalize you for rolling back their edit, because, well, they're a mod, and as a form of authority, their actions should be considered with a little more reverence (I don't think this is wrong or misguided, as keepers of the site I think their actions and opinions should be taken with a little more reverence).
I really think the type of edit is the key matter here. Factual, syntactical edits are easy to judge-– they're either right, or they're wrong. If a mod makes an edit that adds/ changes/ removes info to be factually incorrect, then roll it back! No worries, nothing more to consider.
But if someone makes a semantic edit, one that softens something you said, or subtly changes the meaning, or removes something considered "rude," then this is a more complex decision. To be clear, if anyone changes the semantics of your post, in any way, you should carefully consider the change made, and whether it makes your post better. This is even more true for edits that remove something considered "rude," because hurting readers of your post will never, ever be a gain to you.
If you feel inclined to rollback an edit of this kind, you should be very, very certain that what was removed is invaluable to your post, and that it's worded in the best way possible, before you click that rollback button, mod editor or no. If a mod made this edit, I think that just means you should be extra, extra sure about this.
Is rolling back a mod edit an insta-ban? An instant warning? No, of course not. Just like any other edit, this is highly context dependent. At the end of the day, with every post you write: be careful, be smart, and be considerate to your readers. Take edits seriously. If your goal in the first place is to convey information rather than to attack or provoke, you'll likely be just fine.