I edited an email once it had been a scheduled - the email hasn’t gone yet, but will it send the most recent saved version of the template?
Yes it will take the latest the actual state of your template. As the delivery is a copy of a template which is created once the activity is run
Yes it does send only latest version
A) If you using Email Template
For this, If you are doing changes in template then that changes will not reflect to your already running campaign.
B) If you have done changes directly in a Email delivery of your workflow
Changes will be there and when scheduler run it will pick the latest changes you have made in delivery.
I hope this helps !