Although you can edit the content of a Page in the Active status directly from the Page List in the Page Library, it is generally not recommended because you are working directly on that active Version and anyone who is viewing the Page will see your changes as soon as you save them. In addition, you cannot revert to the original content if you have saved any information (unless you click the Cancel button before you click the Save or Save and Continue Editing button).
It is better to copy the existing Version and make your changes in it, or create an entirely new Version if you need to change the layout or add a new component.
Typically, you should only make hot edits to correct minor things (for example, a misspelling, broken link, or event venue) on a publicly-viewable Page; or, to work on a Page that is in development and has not been linked to a public Page yet.
Warning: You cannot hot edit a Page for which you do not have publishing permission or if you have Accessibility enforcement activated for your site.