Yes, the editing password. This is basically worthless. Of course, if an app can read a PDF then it can edit it; the rules if PDF say to check the password but many app makers don't follow the rules. Some app makers go further and make hacking tools. They don't find the password, they just remove the protection. Adobe know this, and put out the get clear warning mentioned.
The Open password is proper encryption, and a long password a decent protection. But once open (or once the password is shared) there is no real protection for an editing app.
Even if there was solid protection against editing, it would be worthless. It would take seconds to take screen shots and make new, editable, identical PDF. Bottom line: nothing is safe.
I agree with everything, except for one word: "identical".
When you re-create the file in this manner the result is far from identical. A lot of information is lost in the process (metadata, bookmarks, comments, fields, links, scripts, layers, attachments, signatures, etc.).