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The issue appears to be resolved.
The following may just be a coincidence, but I'll describe what I did before it started working.
I have two developer accounts on my employer's team account. One account for my company email and one for my personal email Apple ID.
Again, might just be a coincidence, but I tried signing out of my company email account and signing into App Store Connect->TestFlight with my personal Apple ID. At which point, I had access to update the test information and add external testers!
I then signed out of my personal account and signed back into App Store Connect with my default company email account. And I had access to update the test info and add external tester groups as well.
Before I tried all this signing in-out stuff, I had already confirmed this morning that I was still seeing the issue. Either Apple fixed this issue later today or [queue magical thinking now:] I was hitting some sort of caching/cookies conflict or something?
So if you're still seeing this issue and you have two+ accounts on the same team, you may want to try logging out of one and logging back in with the other, assuming they have comparable user levels.