Editor Widget Role

This needs to be implemented at the widget code level for which the code in the question you start with is not a good match.

The easiest way might be to decouple the widget content editing and the widget placement. You can set up a specific page in which it is possible to manage the content of the widget, and set the access level to that page to one which editor has. This way all the admin has to do is to place the widget at the sidebar and the editor can change the content without admin’s intervention.

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