diff --git a/core/lib/Drupal/Core/Field/Plugin/Field/FieldFormatter/EntityReferenceEntityFormatter.php b/core/lib/Drupal/Core/Field/Plugin/Field/FieldFormatter/EntityReferenceEntityFormatter.php
index ce88527..7f4d393 100644
--- a/core/lib/Drupal/Core/Field/Plugin/Field/FieldFormatter/EntityReferenceEntityFormatter.php
+++ b/core/lib/Drupal/Core/Field/Plugin/Field/FieldFormatter/EntityReferenceEntityFormatter.php
@@ -4,6 +4,7 @@
 
 use Drupal\Core\Entity\Entity\EntityViewMode;
 use Drupal\Core\Entity\EntityDisplayRepositoryInterface;
+use Drupal\Core\Entity\EntityTypeBundleInfoInterface;
 use Drupal\Core\Entity\EntityTypeManagerInterface;
 use Drupal\Core\Field\FieldDefinitionInterface;
 use Drupal\Core\Field\FieldItemListInterface;
@@ -57,6 +58,13 @@ class EntityReferenceEntityFormatter extends EntityReferenceFormatterBase implem
   protected $entityDisplayRepository;
 
   /**
+   * The entity type bundle info.
+   *
+   * @var \Drupal\Core\Entity\EntityTypeBundleInfoInterface
+   */
+  protected $entityTypeBundleInfo;
+
+  /**
    * An array of counters for the recursive rendering protection.
    *
    * Each counter takes into account all the relevant information about the
@@ -91,12 +99,15 @@ class EntityReferenceEntityFormatter extends EntityReferenceFormatterBase implem
    *   The entity type manager.
    * @param \Drupal\Core\Entity\EntityDisplayRepositoryInterface $entity_display_repository
    *   The entity display repository.
+   * @param \Drupal\Core\Entity\EntityTypeBundleInfoInterface $entity_type_bundle_info
+   *   The entity type bundle info.
    */
-  public function __construct($plugin_id, $plugin_definition, FieldDefinitionInterface $field_definition, array $settings, $label, $view_mode, array $third_party_settings, LoggerChannelFactoryInterface $logger_factory, EntityTypeManagerInterface $entity_type_manager, EntityDisplayRepositoryInterface $entity_display_repository) {
+  public function __construct($plugin_id, $plugin_definition, FieldDefinitionInterface $field_definition, array $settings, $label, $view_mode, array $third_party_settings, LoggerChannelFactoryInterface $logger_factory, EntityTypeManagerInterface $entity_type_manager, EntityDisplayRepositoryInterface $entity_display_repository, EntityTypeBundleInfoInterface $entity_type_bundle_info) {
     parent::__construct($plugin_id, $plugin_definition, $field_definition, $settings, $label, $view_mode, $third_party_settings);
     $this->loggerFactory = $logger_factory;
     $this->entityTypeManager = $entity_type_manager;
     $this->entityDisplayRepository = $entity_display_repository;
+    $this->entityTypeBundleInfo = $entity_type_bundle_info;
   }
 
   /**
@@ -113,7 +124,8 @@ public static function create(ContainerInterface $container, array $configuratio
       $configuration['third_party_settings'],
       $container->get('logger.factory'),
       $container->get('entity_type.manager'),
-      $container->get('entity_display.repository')
+      $container->get('entity_display.repository'),
+      $container->get('entity_type.bundle.info')
     );
   }
 
@@ -127,10 +139,6 @@ public static function defaultSettings() {
     ] + parent::defaultSettings();
   }
 
-  protected function getSelectedViewModeName(FormStateInterface $form_state) {
-    return $this->getSetting('view_mode', $form_state);
-  }
-
   /**
    * Wrapper around ::getSetting() to reflect current values from Form State.
    *
@@ -180,10 +188,18 @@ public static function rebuildOnSubmit(array &$form, FormStateInterface $form_st
    */
   public function settingsForm(array $form, FormStateInterface $form_state) {
     $entity_type_id = $this->getFieldSetting('target_type');
+    $entity_type_label = $this->entityTypeManager->getDefinition($entity_type_id)->getLabel();
     $bundle_entity_type_id = $this->entityTypeManager->getDefinition($entity_type_id)->getBundleEntityType();
-    $bundles = array_keys($this->getFieldSetting('handler_settings')['target_bundles']);
+    $target_bundles_setting = $this->getFieldSetting('handler_settings')['target_bundles'];
+    if ($target_bundles_setting === NULL) {
+      // If no bundle is configured in the field settings, all are selectable.
+      $bundles = array_keys($this->entityTypeBundleInfo->getBundleInfo($entity_type_id));
+    }
+    else {
+      $bundles = array_keys($target_bundles_setting);
+    }
 
-    $currently_selected_view_mode_name = $this->getSelectedViewModeName($form_state);
+    $currently_selected_view_mode_name = $this->getSetting('view_mode', $form_state);
     $currently_selected_view_mode = EntityViewMode::load("$entity_type_id.$currently_selected_view_mode_name");
     // @todo Simplify this in https://www.drupal.org/node/2844203.
     $currently_selected_view_mode_label = $currently_selected_view_mode ? $currently_selected_view_mode->label() : $this->t('Default');
@@ -195,7 +211,12 @@ public function settingsForm(array $form, FormStateInterface $form_state) {
       '#context' => ['list_style' => 'comma-list'],
       '#items' => [],
     ];
-    if (count($bundles) === 1) {
+    // If targeting entities of the same type this field is attached to, skip
+    // the viewmode for the bundle we are currently editing, once it wouldn't
+    // make sense to open in the modal the same form we have on the main page.
+    if (count($bundles) === 1 && !($entity_type_id === $this->fieldDefinition->getTargetEntityTypeId()
+        && $bundles[0] === $form_state->getFormObject()->getEntity()->getTargetBundle()
+        && $currently_selected_view_mode_name === $this->viewMode)) {
       $description['#items'][] = [
         '#type' => 'link',
         '#title' => $this->t('Configure %view-mode-label view mode', ['%view-mode-label' => $currently_selected_view_mode_label]),
@@ -214,12 +235,15 @@ public function settingsForm(array $form, FormStateInterface $form_state) {
     else {
       $bundle_info = entity_get_bundles($entity_type_id);
       for ($i = 0; $i < count($bundles); $i++) {
+        $skip_bundle = $entity_type_id === $this->fieldDefinition->getTargetEntityTypeId()
+          && $bundles[$i] === $form_state->getFormObject()->getEntity()->getTargetBundle()
+          && $currently_selected_view_mode_name === $this->viewMode;
+        if ($skip_bundle) {
+          continue;
+        }
         $description['#items'][] = [
           '#type' => 'link',
-          '#prefix' => $i == 0
-            ? $this->t('Configure %view-mode-label view mode for', ['%view-mode-label' => $currently_selected_view_mode_label]) . '&nbsp;'
-            : '',
-          '#title' => $this->t('%bundle-label %entity-type-label', ['%bundle-label' => $bundle_info[$bundles[$i]]['label'], '%entity-type-label' => 'Media items']),
+          '#title' => $this->t('%bundle-label %entity-type-label', ['%bundle-label' => $bundle_info[$bundles[$i]]['label'], '%entity-type-label' => $entity_type_label]),
           '#url' => $currently_selected_view_mode_name === 'default'
             ? Url::fromRoute(sprintf('entity.entity_view_display.%s.default', $entity_type_id), [$bundle_entity_type_id => $bundles[$i]])
             : Url::fromRoute(sprintf('entity.entity_view_display.%s.view_mode', $entity_type_id), [$bundle_entity_type_id => $bundles[$i], 'view_mode_name' => $currently_selected_view_mode_name]),
@@ -232,11 +256,17 @@ public function settingsForm(array $form, FormStateInterface $form_state) {
           ],
         ];
       }
+      if (!empty($description['#items'][0])) {
+        $description['#items'][0]['#prefix'] = $this->t('Configure %view-mode-label view mode for', [
+          '%view-mode-label' => $currently_selected_view_mode_label,
+        ]) . '&nbsp;';
+      }
     }
+
     $description['#items'][] = [
       '#type' => 'link',
-      '#title' => $this->t('add new view mode'),
-      '#prefix' => Markup::create(t('or') . '&nbsp'),
+      '#title' => !empty($description['#items']) ? $this->t('add new view mode') : $this->t('Add new view mode'),
+      '#prefix' => !empty($description['#items']) ? Markup::create(t('or') . '&nbsp') : '',
       '#url' => Url::fromRoute('entity.entity_view_mode.add_form', ['entity_type_id' => $entity_type_id]),
       '#attributes' => [
         'class' => ['use-ajax'],
@@ -260,7 +290,7 @@ public function settingsForm(array $form, FormStateInterface $form_state) {
       '#executes_submit_callback' => TRUE,
       '#required' => TRUE,
       '#description' => $description + [
-          '#access' => \Drupal::currentUser()->hasPermission('administer ' . $entity_type_id . ' display')
+        '#access' => \Drupal::currentUser()->hasPermission('administer ' . $entity_type_id . ' display'),
       ],
     ];
 
diff --git a/core/modules/field_ui/src/Form/EntityDisplayModeFormBase.php b/core/modules/field_ui/src/Form/EntityDisplayModeFormBase.php
index 72a8a19..ae5f381 100644
--- a/core/modules/field_ui/src/Form/EntityDisplayModeFormBase.php
+++ b/core/modules/field_ui/src/Form/EntityDisplayModeFormBase.php
@@ -2,6 +2,9 @@
 
 namespace Drupal\field_ui\Form;
 
+use Drupal\Core\Ajax\AjaxResponse;
+use Drupal\Core\Ajax\CloseModalDialogCommand;
+use Drupal\Core\Ajax\HtmlCommand;
 use Drupal\Core\Entity\EntityForm;
 use Drupal\Core\Form\FormStateInterface;
 
@@ -84,4 +87,41 @@ public function save(array $form, FormStateInterface $form_state) {
     $form_state->setRedirectUrl($this->entity->urlInfo('collection'));
   }
 
+  /**
+   * {@inheritdoc}
+   */
+  public function actions(array $form, FormStateInterface $form_state) {
+    $actions = parent::actions($form, $form_state);
+    $actions['submit']['#ajax'] = [
+      'callback' => '::ajaxCallback',
+      'event' => 'click',
+    ];
+    return $actions;
+  }
+
+  /**
+   * Ajax callback to close the modal and update the selected text.
+   *
+   * @return \Drupal\Core\Ajax\AjaxResponse
+   *   An ajax response object.
+   */
+  public function ajaxCallback(array $form, FormStateInterface $form_state) {
+    $response = new AjaxResponse();
+    if ($form_state->getErrors()) {
+      unset($form['#prefix'], $form['#suffix']);
+      $form['status_messages'] = [
+        '#type' => 'status_messages',
+        '#weight' => -10,
+      ];
+      $response->addCommand(new HtmlCommand('#drupal-modal', $form));
+    }
+    else {
+      // @TODO Show message for successful saving of settings once
+      // https://www.drupal.org/node/77245 lands. This message is set by
+      // \Drupal\field_ui\Form\EntityDisplayFormBase::submitForm().
+      $response->addCommand(new CloseModalDialogCommand());
+    }
+    return $response;
+  }
+
 }