Loadouts are saved in the UserSettings.sav file
.sav files are binary format, meaning one would need to know what language was used to code it in order to modify it properly
.sav files are also usually encrypted, one would require that key in order to edit it offline.
That sav file not only contains the loadouts, it also contains all key binds, controller settings, audio settings and graphics settings.
Video settings are saved in the PlatformSettings.sav
It is completely possible to be edited. I guess by someone with experience, some coding knowledge and a lot of time.
I think… is just too much work for a game that is so easy to begin with.