I know some of the members getting curious about this button near the report to moderator text.
This is an edit button. Yes, we have a two edit button. On the lower part as the image shown you can edit the paragraph and the title on the text box however there are no shortcut keys like emoji, table, bold, etc. despite that you can manually type the BBCode you would like to add.
Commonly we used the edit button on the line same with the quote, delete, and merit.