We don't show block settings for blocks that utilize placeholders (Image & Cover for example).
Should we also not show the block's Styles panel, and incoming Spacing panel?
The Styles and Spacing panels do not perform any action at that point; only when the placeholder's requirement is fulfilled.
Screenshots


Agreed these settings should not be available while the block is in its placeholder state.
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Agreed these settings should not be available while the block is in its placeholder state.