It's ^W^W^W, not ^H^H^H.
https://en.wikipedia.org/wiki/ASCII#ASCII_control_code_chart
Job control (with ^Z and ^Y) entered at the same time. At least Linux/SysV saw the usefulness of that....
(The lack of ^T on Linux really annoys me too. What is worse is that it isn't just a matter of the line discipline sending SIGINFO for ^T... because Linux doesn't have SIGINFO at all. Means you can't even really hack up a pty wrapper program that emulates it, unless you are willing to have everything use a different signal in lieu of SIGINFO...)
Control-W is what you use to delete the previous word (Edit: word, not character), so ^W is what you would have seen on TTYs/Editors that didn't support that command.