SUMMARY
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Note that my system is in german and I only guess that the options in question are named "enter edit mode" and "quit edit mode". But I assume that they are unique enough so you get what I am referring to.

My observations (see below) let me assume that edit mode kind of works like a stack where you can stack the edit modes of different panels on top of each other. Instead, there should be only one edit mode and you should be able to choose which panel to focus on.
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STEPS TO REPRODUCE
1. have a panel -> right click it -> enter edit mode
2. add a second panel -> right click it
3. enter edit mode
4. right click the first panel
5. quit edit mode
6. right click it again
7. quit edit mode

OBSERVED RESULT
3. the option is named "enter edit mode" even though I already am in edit mode (of the other panel)
5. this shows the configuration popup for the first panel
7. now it quits edit mode

EXPECTED RESULT
3. the option should be named something like "edit this panel"
5. this should actually quit edit mode and also there should have been an "edit this panel" option
7. correct, but inconsistent with 5.

SOFTWARE/OS VERSIONS
Operating System: Arch Linux 
KDE Plasma Version: 5.93.0
KDE Frameworks Version: 5.249.0
Qt Version: 6.7.0
Kernel Version: 6.7.6-arch1-1 (64-bit)
Graphics Platform: Wayland