When I edit my question here on JiveWorks after I've changed my name privacy to "yourself" it still exposes my name in the edited field as seen above. Though I can edit it before saving I think it should respect the profile privacy setting independent of what I see myself.
I always see my name on the community even if I have my privacy set to myself though what I am displayed as changes depending on whether I am a guest, or a registered user. I think the same thing should be with a private note so whether you are logged in or not you know who is editing. Additionally it should have a timetamp so it's obvious when and by whom it is edited. Then someone cannot forge the edited by.