Note: I am not sure if this a global change/bug, and I don't have anywhere near 5K reputation anywhere else. I couldn't find anything on Meta.SO addressing this, so feel free to migrate if this isn't limited to Arqade.
As I understand it, the edit training wheels come off at 2000. At that point, my edits are no longer under review, and I can approve edits if I can find them. All that makes sense.
The privileges page has this nice entry at the bottom of the 5K rep description:
Vote on suggested edits
In addition, users with this privilege level also get access to the suggested edits queue. The queue has a list of posts which have been edited upon by users who don't have edit privileges. This queue can be accessed over at the suggested edits tab in the review section.
Here's the problem:
I don't have 5K rep. So why do I have access to the Suggested Edits queue? Has the new review system broken this? Or has the reputation requirements to access the Suggested Edit queue been lowered?
If the requirements have been lowered, the privileges descriptions need to be updated to take it into account.