Right now, when a user taps on the first pencil on the Edit card for a link, it closes the Edit card and goes back to the page. I feel, it's not quite apparent at this point that it's for changing the label. There is no visual cue other than the highlight (which also goes out of view, because of T227627) and the keyboard appearing. I understand that previously it used to be the same but we didn't have any explicit button on mobile to change the label, but now I feel there might be a user expectation for clearer indication of what it's for.
Also, once you are in that label editing mode, tapping on the link again and again does not bring back the edit card but keeps the user in that confusing stage unless they click somewhere else and then again click back on that link. I can report this as a bug if you think it's valid.