Nothing you chose at creation is locked in straight away. A character who has never spent a point of experience can be opened back up and rebuilt from the ground up — and one who has, never can again.
An edit is not a touch-up. It reopens the character as though you were making them for the first time: the name and portrait, the spread of attribute points, every skill dot, the starting spells — and the race itself. A Dwarf who has not trained can walk out of that screen a Halfling.
This is what the first few fights are for. Play a character, find out that the build you imagined is not the build you wanted, and change it before it sets. Nothing punishes you for doing so.
A rebuild can quietly invalidate equipment that was perfectly legal a moment ago. Drop the Might that was holding a heavy axe and the axe is suddenly more than that arm can swing. It stays in their hand. Nothing is taken off, nothing is moved, and you do not have to dress anybody again.
What changes is what the gear does. Armor they can no longer carry protects them by exactly nothing while weighing exactly the same. A weapon they can no longer wield still swings and still reaches as far, and lands like a punch. You keep the burden and lose the benefit, which is the whole of the rule and the reason there is no advantage in leaving it on.
An edit redraws the build, and only the build. The character's pack comes through untouched, the party's silver is not involved, and the record of what they have earned so far is left exactly where it was — experience is never lost by rebuilding.
Which covers everything an editable character has. Someone who has never spent a point has never bought anything, so there is nothing bought for a rebuild to take away. That is the neat part of the arrangement: while the door is still open, there is nothing behind it worth protecting.
The moment a character spends experience on anything at all — one attribute dot, one skill dot, one lesson — editing ends. Not for that visit; permanently. The character is no longer a draft, and from then on the only way they change is by buying the change.
So the sequence worth following with a new character is: make them, play them a while, fix what is wrong, and only then start spending. Experience keeps indefinitely and costs nothing to sit on. The rebuild does not wait.