A few days ago I had a bunch of notes go missing. I was in a panic until I figured out that the recently added Note History had them saved. Unfortunately, the lack of a trash bin meant I had to use a tool to open up the sqlite database to rummage around and recover the data, having to convert a lot of encoded symbols (e.g. &) in the process.
I don’t see anything in the sync log that would be at all suspect, and I don’t really know when it happened. But it makes me think that the trash bin for notes should be prioritized more highly.