As far as I know, (ignorance is bliss) the only way to edit an existing instrument is via the instrument manager.
Several times I have instinctively double clicked on an instrument that is visible in the chosen instrument list. For some reason I was expecting something to happen as a result. Maybe the instrument could magically appear as a selected instrument in the search results. Or possibly the edit dialog for the instrument could be called.
It is just a convenience. But it would streamline the effort it takes to view and edit instrument settings.

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