Can posts wait for someone to approve them?

Yes. Under Posts, then Settings, tick "posts need approval" for a brand. You need the Policy permission for that brand.

After that, a post from someone without the Approve permission waits with the time they asked for, and the people who approve that brand's posts get an email. They approve it, and it goes out at its time, or straight away if that time has passed. Or they send it back as a draft with a note saying what to change.

If someone changes a post after it was approved, it waits for approval again. Anyone can leave notes on a post for the team. Notes never go out.