So the feature gives you full control for highlighting the PDF. Before saving the PDF file, if some text is highlighted accidentally, then you can also undo the highlight. When you are done with highlighting the PDF file, you can save it as a separate PDF file on your PC. Just select text in your PDF file after opening PDF in Edge browser and then you can use the highlight feature. There are four different colors (Light Blue, Yellow, Green, and Pink) available to highlight your PDF content. When you have to mark some important text or paragraph in your PDF file, you can do this directly using Microsoft Edge browser and this new feature. This PDF text highlight feature is introduced in Edge browser with Windows 10 Fall Creators Update.
This tutorial explains how to highlight PDF files in Microsoft Edge.