I used to use CMD + Z to reopen a recently closed tab. From what I can tell - this feature has been removed from Safari at some point. Now seemingly the only option is CMD+SHIFT+T which exclusively reopens the last closed window. Is there any way to natively reopen last closed tab in Safari?
This isn't a new feature. Cmd/Z is a kind of 'smart' undo [& also universal to all apps & indeed all platforms]
Cmd/Shift/T is a specific command [though it does change between Tab & Window depending on what was last closed.] It's located in the History menu rather than Edit.
To test -
Start to type an answer or comment into this page. Check the Edit menu.
Close this tab, check the menu again.
In other apps it can do even more, it is context-sensitive…
I've checked this back to Safari 11 on El Capitan.
It is possible to change these commands in System Prefs > Keyboard > Shortcuts but I would advise against it.