You’re so right. I’ve already done (and am still doing) my errors of over-editing, so maybe I understand what you mean. I’ve seen my raw stories spoiled by me and, sometimes, by others.
As non-native English speaker, I have to add an extra effort in editing, so I’m more exposed to the consequences. For me, editing is more than a necessity, and I’m also used to the fact that my text will, in any case, be lacking. But I’m maybe starting to develop a feeling of when editing is going in the right direction, even if it’s a long edit. Some stories have a clear inspiration, and if you keep that in mind, related to the whole of your piece, it’s easier to have a long edit respect your intentions. It may also improve your understanding of the original inspiration and make everything clearer. But, if you get lost in the words — or, worse, on marketing — you’re making a disaster.