No, it is not possible to edit the imagery of Esri basemaps In ArcGIS Online. When errors such as misspellings, incorrect feature locations, and missing features, are a part of a basemap's imagery, it is not possible to directly edit or update the errors. As an alternative, feedback can be provided to address the errors through the Community Maps Program.
The Community Maps Program allows geographic information system (GIS) users to provide feedback, create and edit large-scale features, or share data layers and services to improve Esri basemaps. Approved contributions are integrated and published in ArcGIS Online map services and can be accessed by anyone. Refer to Community Maps Program: What to Contribute for more information on the types of contributions that can be provided through this program. The instructions to provide feedback are documented in How To: Provide feedback on basemaps and geocoding in www.ArcGIS.com.
However, it is possible to customize the style and map elements that are not part of a basemap's imagery. Custom basemaps can be created using the ArcGIS Vector Tile Style Editor to better suit an organization's brand requirements. This built-in functionality is currently only available in Map Viewer Classic. The instructions to customize the style of a vector tile layer are documented in ArcGIS Online: Update vector tile layer style. Refer to FAQ: Is it possible to remove basemap labels in ArcGIS Online? for other workarounds on customizing a basemap.