When you want to edit the feed you click the edit button. It will lead you to the feed editor where you can edit the complete feed.
When you click on view the feed will be openend in a new browser screen where you can check the feed. This url is the exact same url you will use in your channel.
You can use it to check the feed and see if everything is as you want it to be. Please not that the feed can not be seen in FireFox browser directly. If you check the source code you will see the feed.
Deleting the feed will result in completely losing the feed. It will remove all data from the feed and will also remove the feed file from the server. Please be cautious when clicking the delete button.