Is it possible to edit .conf files in the Cluster Master and then push changes accordingly to SHC members?
Yes if you install Config Explorer on the cluster master then you can edit files in the etc/master-apps/ folder. You can then trigger the push to the indexers.
You can also install on the Search head deployer, and edit files in etc/shcluster/apps folder. Again trigger bundle push to send the config to the search heads.
Hope this helps.
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CM is for deploying config to Indexers. So, if you change the config on the apps in CM, yes, it will get deployed to Indexers.
Deployer is usually used to deploy changes/config to SHC members.