diff --git a/packages/core-data/src/entity-provider.js b/packages/core-data/src/entity-provider.js
index 2c5d3d7d8001b..0d97ea5161dd3 100644
--- a/packages/core-data/src/entity-provider.js
+++ b/packages/core-data/src/entity-provider.js
@@ -1,7 +1,12 @@
 /**
  * WordPress dependencies
  */
-import { createContext, useContext, useCallback } from '@wordpress/element';
+import {
+	createContext,
+	useContext,
+	useCallback,
+	useMemo,
+} from '@wordpress/element';
 import { useSelect, useDispatch } from '@wordpress/data';
 import { parse, __unstableSerializeAndClean } from '@wordpress/blocks';
 
@@ -150,7 +155,7 @@ const parsedBlocksCache = new WeakMap();
 export function useEntityBlockEditor( kind, name, { id: _id } = {} ) {
 	const providerId = useEntityId( kind, name );
 	const id = _id ?? providerId;
-	const { blocks, meta } = useSelect(
+	const { content, editedBlocks, meta, entityRecord } = useSelect(
 		( select ) => {
 			if ( ! id ) {
 				return {};
@@ -158,29 +163,11 @@ export function useEntityBlockEditor( kind, name, { id: _id } = {} ) {
 			const { getEditedEntityRecord, getEntityRecord } =
 				select( STORE_NAME );
 			const editedRecord = getEditedEntityRecord( kind, name, id );
-
-			let editedBlocks = editedRecord.blocks;
-
-			if ( ! editedBlocks ) {
-				if (
-					editedRecord.content &&
-					typeof editedRecord.content !== 'function'
-				) {
-					// Attach the cache to the original record.
-					const entityRecord = getEntityRecord( kind, name, id );
-					editedBlocks = parsedBlocksCache.get( entityRecord );
-					if ( ! editedBlocks ) {
-						editedBlocks = parse( editedRecord.content );
-						parsedBlocksCache.set( entityRecord, editedBlocks );
-					}
-				} else {
-					editedBlocks = EMPTY_ARRAY;
-				}
-			}
-
 			return {
-				blocks: editedBlocks,
+				editedBlocks: editedRecord.blocks,
+				content: editedRecord.content,
 				meta: editedRecord.meta,
+				entityRecord: getEntityRecord( kind, name, id ),
 			};
 		},
 		[ kind, name, id ]
@@ -188,6 +175,29 @@ export function useEntityBlockEditor( kind, name, { id: _id } = {} ) {
 	const { __unstableCreateUndoLevel, editEntityRecord } =
 		useDispatch( STORE_NAME );
 
+	const blocks = useMemo( () => {
+		if ( ! id ) {
+			return undefined;
+		}
+
+		if ( editedBlocks ) {
+			return editedBlocks;
+		}
+
+		if ( ! content || typeof content === 'function' ) {
+			return EMPTY_ARRAY;
+		}
+
+		let _blocks = parsedBlocksCache.get( entityRecord );
+
+		if ( ! _blocks ) {
+			_blocks = parse( content );
+			parsedBlocksCache.set( entityRecord, _blocks );
+		}
+
+		return _blocks;
+	}, [ id, editedBlocks, content ] );
+
 	const updateFootnotes = useCallback(
 		( _blocks ) => updateFootnotesFromMeta( _blocks, meta ),
 		[ meta ]