Short version:
This new feature will enable OneDrive/SharePoint share control users to more easily change permissions to Can edit/Can view  when sharing links. Due early to late April.

Details:
This new feature will enable you to more easily change permissions when sharing links in OneDrive and SharePoint. You can see the new, quick Can edit/Can view experience below:

Availability:
This feature rollout will begin early April and is expected to be complete by mid-April 2021 for most of us.