If you want to edit the DEM before it is geocoded, do not select Create Geocoded DEM. The DEM extraction will produce a file that contains the epipolar pair in the first channel, the correlation score (if selected) in the second channel, and the corresponding epipolar DEM in the third channel.
After you generate the epipolar DEMs, you can edit them (see Editing the digital elevation model), geocode them (see Geocoding a digital elevation model), and then integrate them into one DEM (see Importing raster files to generate a DEM).
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