A mistake 3 words earlier? No problem: <esc>3bcw and I'm good to go.
Want to delete the whole thing? Even easier: <esc>cc
I can even use <esc>v to open the command inside a fully-fledged (neo)vim instance for more complex rework.
If you use (neo)vim already, this is the best way to go as there are no new shortcuts to learn and memorize.