A family of Microsoft word processing software products for creating web, email, and print documents.
My gut reaction -- although not being a qualified programmer -- is that what you're suggesting is significantly more complex than you might think :-)
If you believe it to be a worthy suggestion don't hesitate to use Help> Send Feedback to submit it to Microsoft. Be sure to support your position as best you can. That's a direct line to those who make such decisions, whereas you're simply communicating with a community of other users here :-)
In the meantime, you might consider going directly to the Reference Tools pane of the Toolbox to look up alternative terms & definitions... Especially when Track Changes is in use. Select Tools> Thesaurus or Tools> Dictionary while the insertion point is positioned in the term... of better yet, take advantage of the keyboard shortcuts assigned to those commands so you don't even have to take your hands away from the keyboard. IMHO, using contextual menus for that purpose is [usually] a major impediment rather than a necessity :-)
Regards,
Bob J.