The policy as stated is pretty clear. But.
Generally the policy is not enforced. Enforcing it capriciously is not appropriate and having a blanket "no swearing" policy is wrongheaded at best.
However, there is a much bigger issue here. Editing posts for language without bothering to edit the rest of the post. I don't care if we're going to edit posts for language, but if that's all we're doing than we're bumping posts that don't need to be bumped for no reason. If someone wants to edit for language, they need to take a look at the whole post and make sure they aren't missing any grammar or misspellings.
I will reject any suggested edit that corrects only language as too minor. I will argue against anyone with edit privileges editing an old post solely for language.
One more note. We are not bound by SE's general policy, and we should not be here if we don't want to be. Just because something shows up in the help center doesn't make it law for this site, yeah we can't edit it, and the help center should be our default policy position, but we make the rules here. If we'd prefer a more lenient stance on profanity, all we have to do is not enforce it.
To me, editing it out during the normal course of site process is sufficient, we shouldn't be trawling for profanity to edit out and bumping posts for no other reason. That seems like a rational policy to me.