After observing a colleague trying to use the VE, I'm convinced that clicking the title should 'do something'. He saw that block of text and was convinced he could edit it, despite it being faded and was really surprised that this was not possible. "You can only change a page's title by 'moving' the article, an option located in that dropdown, but you don't have permissions for that anyway" I end up telling him.
It is clearly part of the content, but it's not editable. There is no feedback as to WHY it is not editable, just a slight 'hint' in the form of the opacity. I think we should be able to do better.
See also: T74665: VisualEditor: Provide a way to move pages through interacting with the displayed title