Token Sets' protocol is upgradeable via a 2-of-3 multisig contract with no timelock. Token Sets claims to use Ledger hardware wallets to secure the signing keys.
Yes ⚠️
Timelock: None ⚠️ Multisig: 2-of-3
"Ledger hardware wallets"
Unverifiable ⚠️
https://etherscan.io/address/0xf8523c551763fe4261a28313015267f163de7541
Token Sets Whitepaper (see Section 10) Trail of Bits Audit Report (see page 32)