Technically, there's no built-in command to edit an existing symbolic link. It can be easily achieved with a few short commands.
Here's a little bash/zsh function I wrote to update an existing symbolic link:
# -----------------------------------------
# Edit an existing symbolic link
#
# @1 = Name of symbolic link to edit
# @2 = Full destination path to update existing symlink with
# -----------------------------------------
function edit-symlink () {
if [ -z "$1" ]; then
echo "Name of symbolic link you would like to edit:"
read LINK
else
LINK="$1"
fi
LINKTMP="$LINK-tmp"
if [ -z "$2" ]; then
echo "Full destination path to update existing symlink with:"
read DEST
else
DEST="$2"
fi
ln -s $DEST $LINKTMP
rm $LINK
mv $LINKTMP $LINK
printf "Updated $LINK to point to new destination -> $DEST"
}