Previously, if you want to change the URL of a saved favorite bookmark on Edge, you would need to delete that bookmark and re-save it with the new URL. It’s not the case anymore in the upcoming Windows 10 Fall Creators Update.
When you find the need to update a favorite entry on the Favorites bar, you can just right-click that entry and choose Edit URL from the context menu that pops up and paste or type in the new URL in the box.
If the entry you want to update is not on the Favorites bar but the Favorites menu, you can still open the Favorites menu, right-click the entry and choose Edit URL from the context menu. Then type or paste the new URL into the box.
This is a useful feature that I’ve wished to have for quite some time. It’s nice to have it available on Edge browser as I couldn’t do it on Chrome at the moment.