Yes, but even slightly improved, that's not the audit trail that the OP is after. That's a common feature of database driven apps, especially network db-drive apps. It's also something that was defined in GEDCOM eons ago.
Obviously Ancestry.com maintains an audit trail, because when you make changes there to sync back to FTM, it's immediate. My guess is that it reads from a table that's maintained on the Ancestry.com end to keep track of changes. I won't guess what's going on the other way, but it doesn't appear to be using an audit table.