Yes, when using the edit text & images tool "boxes" appear to show the more or less bounding region associated with the text.
This sort of reflects how a PDF is actually created -- under the hood it is sort of a paint by numbers if you will.
Nothing like a word processor file format.
To obtain word processor like edit look and feel export the PDF text content to TXT, RTF, DOC or DOCX and work that with a word processor.
Then create a fresh PDF.