Yes, Admin and BP moderator role can moderate all the reported content (flagged content) from the profile itself. This plugin provides you with a moderation tab on the admin and BP moderator profile so that they can moderate the items.
From here, they can edit and marked as clean the content. Here they can perform various activities like hiding activity, block activity user, etc.
Can I moderate the reported content from the profile itself?
Update on July 20, 2022