bp_activity_user_can_edit( false|BP_Activity_Activity $activity = false, bool $privacy_edit = false )

function bp_activity_user_can_edit( $activity = false ) {
	global $activities_template;

	// Try to use current activity if none was passed.
	if ( empty( $activity ) && ! empty( $activities_template->activity ) ) {
		$activity = $activities_template->activity;
	}

	// If current_comment is set, we'll use that in place of the main activity.
	if ( isset( $activity->current_comment ) ) {
		$activity = $activity->current_comment;
	}

	// Assume the user cannot edit the activity item.
	$can_edit = false;

	// Only logged in users can edit activity and Activity must be of type 'activity_update', 'activity_comment'
	if ( is_user_logged_in() && in_array( $activity->type, array( 'activity_update', 'activity_comment' ) ) ) {

		// Users are allowed to edit their own activity.
		if ( isset( $activity->user_id ) && ( bp_loggedin_user_id() === $activity->user_id ) ) {
			$can_edit = true;
		}

		// Viewing a single item, and this user is an admin of that item.
		if ( bp_is_single_item() && bp_is_item_admin() ) {
			$can_edit = true;
		}
	}

	/**
	 * Filters whether the current user can edit an activity item.
	 *
	 * @since BuddyBoss 1.2.0
	 *
	 * @param bool   $can_edit Whether the user can edit the item.
	 * @param object $activity   Current activity item object.
	 */
	return (bool) apply_filters( 'bp_activity_user_can_edit', $can_edit, $activity );
}