I just upgraded ArcGIS Pro to 2.6.1 from 2.4.
When I print or export a PDF, I am no longer able to edit text in Adobe Acrobat.
Acrobat will still allow me to make edits in PDFs created with older versions of ArcGIS Pro, so as far as I can tell the issue is coming from AGP 2.6.1.
Is there a difference between using Print or Export for my layouts?
I've noticed sometimes when exporting to PDF from Pro 2.6 the map labels will be rasterized while everything else will be vector.
Why? I have no idea.
But as long as text is raster, you will not be able to edit in Acrobat.