There are two ways to edit an action, with a full edit page or with a quick edit module.
Full Edit Page:
Using a Link action as an example, the full edit page let's you change the link, update the call-to-action, adjust the formatting, and make "Additional Action Settings."
You will initially create an action with a full edit page (exept in free apps), but once created, one can use the quick edit module for adjustments or to move the Action.
Quick Edit Module:
As the name implies, use this module for quick edits, or to check the Action's metrics. You have the option of accessinf the full edit page by tapping the edit pencil.
Quick edits take effect immediately. The blue "1+" icon will let you know if the action is used on more than one app, which meany that you are changing more than one app. Use full edit page for changes if you want a cancel button.