With the newest version of the plugin, when there are multiple paragraphs in a custom field, only the first paragraph is highlighted and clickable on hover. I think this may be because of invalid markup.
Here's what I am seeing:
<p><span data-type="rich" data-post_id="7485" data-key="research-interests" data-values="" data-i="0" class="fee-field fee-filter-post_meta">This is paragraph 1</p> <p>This is paragraph 2</span></p>
Note how the span and the p are not nested properly.
(I have " Edit one paragraph at a time, instead of an entire post" turned OFF)