All that happens on Ancestry is that submitted corrections are added to the index, so yes, they are searchable, and nothing is removed.
If you click on the submitted name you are taken to the panel that gives details of the correction. You are of course free to disregard it if you do not think it is right.
Here's an example. I found one of my families under the wrong surname. I know it is the right people as everything checks out down to the address. Eliza's husband was Edward Rudge. John Wood was her father (by then deceased). She was not literate, and I guess someone helping to fill in the form asked her for "Father's name" meaning the father of the family, ie her husband. So her husband was erroneously entered as John Wood, and the whole family were entered as Wood instead of Rudge.