Loading a new page, new tab, or simply navigating fully away to a new editing screen are all pretty heavy disorienting actions for something that could be pretty light.
But it's related to the amount of work being done in the modal.
For a very small amount of work (e.g. editing a single text field), inline-editing would be best; for a lot of work (e.g. composing a bunch of textboxes and including other data, etc) a dedicated page is best.
A modal belongs somewhere in-between - editing a few things at once, in context of other things.
"Can this modal be an inline-edit?" <-- first question I'd ask. If the answer is No:
"Will the work being done on the modal take more than 2 minutes to do?" <--- then I'd consider a separate page.
But things in-between seem perfect for a modal.