There're some other editors that have similar behaviors. AFAIK, CKEditor [1], an online rich text editing framework, is optimized for cascaded formatting tags. A <pre> or <a> element will be highlighted if the cursor is "within" its context, and when your cursor is at the edge of such an element, you can press the arrow key again to move into/out from it.

[1] https://ckeditor.com/ckeditor-5/demo