I'm not entirely clear what you're referring to as your "live site".

When you view your site as a user would, there won't be any editing options available. All of the changes you'll make to your site are done through your wordpress admin dashboard (also known as the "back end"). Your visitors won't see that when accessing your site (the "front end").

You will always want the option to edit. Add a photo, correct grammar, spelling, update, etc.

Yes it does, so that you can access it to edit, build, add content, and other adjustments