I know there are many super down-voted posts in meta about disabled edit options.
To my experience, when the edit option is disabled for a non-closed relatively recent post, it means that I cannot edit that post (and normally any other posts).
For example, it happens to me when I had five edits waiting for review.
I am not sure based on what "policies", I am not able to edit that specific post, but I am pretty sure I should receive an error message when I am typing the edit url in the address bar. (or maybe the edit link should be enabled.