This confuses me every time. The action link should be "Edit Blocked By" so I know what property it'll update.
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I don't think this is necessarily clearer, since it doesn't make as much sense on its own (that is, you have to connect it to the fact that there is a "Blocked By" field). It could be Edit "Blocked By" but that's weird. Wording this stuff is tricky and I haven't seen other confusion around this in particular. There are some other open tasks (notably T4788) which may revisit this.