There's always Ctrl+R

https://www.gnu.org/software/bash/manual/bash.html#Miscellaneous-Commands

Add to your .bashrc following lines:

bind '"\C- ":shell-expand-line'
bind '"\C-x":edit-and-execute-command'

• Control+Space: Now you can expand variables, aliases, !492 history commands, the tilde without executing the line. Now you can make changes to the command.
• Control+x: Opens the current command in an external editor (such as Vi, or whatever is setup for VISUAL or EDITOR variable). Now you can edit the command and if you save the temporary file and exit editor, the modified command will be executed. If you do not save, the unmodified command before launching the editor will be executed.

As the other commenters have mentioned, this is part of the shell configuration and outside the scope of the terminal emulator.

You can configure this yourself by adding shopt -s histverify to your bashrc.

i have a need for something like this too; but i've been making due with crtl+r and that's been good enough to prevent me from taking action on it.

Alternatively, use fc 371 to open the command in an editor and take your time figuring out how you might want to change it.

Uh, are you sure your shell you're using is bash and not zsh or something else?

Bash is indeed just !12345.