Does editing a submitted file change the review queue order?
I don’t think so. It’s an update.
but the button says submit not update
I always thought that it pushed you back down the queue to prevent people intentionally submitting not-ready items to overcome the queues, with the plan to continue updating while waiting.
Your best option would be to confirm with Envato Author Support
Make sense
Anyway you are updating existing item. It’s different.
Refer Envato Marketplace Review Times
You need to go to edit item and check is item available for elements. Also consider to contact support if item does not show on your profile on Elements.