That’s correct. The only “missing” piece would be to send a copy of the “add-approved” or “update-approved” to the email in the actual listing, the person submitting the listing.
Member Bob submits a change/adds a listing. ==> Admin 1 receives an email alerting them ==> Admin 1 approves it ==> which sends an email to Admin 2 and Member Bob.
Upon approval, the email would go to the original submitter, and any additional email addresses set up in the admin area.