A revised feedback is not as good as having it removed. You only have a specific amount of revisions you can use. It shows up in your profile as a revised feedback. Most of all, you're relying on the buyer being on the ball and not wasting your time. Someone who doesn't understand that the feedback system is not a message system probably will be difficult to work with.
eBay has gotten more strict and standardized with feedback removal. You used to be able to message them and explain why you felt it violated their feedback policy. Now, you have to go through this link: https://www.ebay.com/sellerhelp/feedback - it's generally more difficult to get feedback removed.
You might be in luck with tracking, but they also might feel that if it was not delivered (tracking can be wrong) that "didn't arrive" is the buyer's subjective experience.
A buyer last week left me a negative feedback. They purchased an item that was shipped lettermail (no tracking). It was shipped the same day. A delivery attempt was made a few days later, and it was back in my PO Box within a week marked as return to sender, unknown, with the employees of the location also writing "Doesn't work here" on the envelope. The mailer had official Canada Post stickers and markings on it stating there was an attempted delivery. It turned out the buyer provided an address for a Shoppers Drug Mart store, but no PO Box or identifying info. No problem, I reached out to the buyer with a photo of the returned bubble mailer and asked them for a revised address so that I could ship them their item. No reply, 2 days later (only about a week after the purchase) they drop a negative feedback on me "didn't arrive".
That doesn't qualify for removal per eBay. Even know I sent a message with reasonable proof of delivery, it was proven to be the buyer's error, and the buyer was effectively not actively engaging in the transaction (never messaged me, never replied to my message).
It's not the end of the world, but the point is that there doesn't seem to be much nuance to remove negative feedback anymore. A year or two ago, I think that would have been removed had I contacted them through the defect removal address because I had reasonable proof that it was an error outside of my control. You might fare better because you have tracking, but I wouldn't bet on it.
At the end of the day, feedback doesn't matter that much. It's always good to try and get them removed via the link I provided, because it doesn't take very long.
I would simply reply with something like "Your item was shipped within x business days of your purchase. Tracking shows that it was delivered shortly after. Since the tracking indicates the package was delivered, I assume this feedback may have been left in error. If not, please message me using eBay's message system if you cannot locate your package. I am always happy to help."
Anybody who sees that isn't going to think you're difficult to deal with or that you're not sending out items. It essentially turns the negative into a positive.
