The Edit Annotation tool has improved in ArcGIS Pro 2.5, but there's a tiny bug that needs to be fixed.
Here are the steps:
1) Select an annotation
2) Change a value in the Attributes pane (Character Spacing for example)
3) After clicking Apply (or hitting enter if Auto Apply is checked) the annotation is selected and the "selection color turquoise" shows as a halo around the annotation.
The Problem: If the annotation needs to be moved or rotated, it has to be clicked on again to get the move/selection/rotate box back.
It's a tiny bug, but it will improve productivity if fixed.