Certainly deleting a tag when it is linked to time tracking, should have a fail safe message pop up advising the tag is about to be permanently deleted.

Apparently all users can add, edit and delete tags at will and this is only restricted when you upgrade your plan to a higher version....

Delegating tagging RBAC (role based access control) rights at a Workspace, Space, Folder, or List level makes a lot of sense. Owners of those items should be allowed to control who makes tags, in order to keep the approved schema clean. Garbage-in, garbage-out. This item upstream negatively affects task creation, dashboards, views, and creates huge reporting downstream for an org, when data tagging becomes fragmented and the tag selection process gets muddy with 30+ tags and they don't know what to use.