"Reload content for the field"

This link is there since early versions, when ajax update of the changes was introduced. I guess, that you see them now, because your theme styles overwrite some frontend editing styles:

.frontend-editing-update-content {
  overflow: hidden;
  text-indent: -9999rem;
  width: 32px;
  height: 32px;
  visibility: hidden;
  order: 100;
}