I love the views pane module, it handles practically all of my display requirements. But I need the same thing on edit pages, so I would like to propose a new module (that I can't build) but I can test, document and sponsor.
1. Like view panes, this module works from panels, with the panel contexts available for contextual filters, that can be specified and used in the view.
2. Like the Entity reference views, this module uses a view display type designed to select a view row by specifying the field to select, and the ability to include the additional fields as needed.
3. Unlike Entity reference views, this module assigns the select list to a form element inside a panel, instead of at the field settings page, which permits different page variants to use different filtering criteria for the select list on the same field.
4. I don't know if this is difficult or easy, I have tried various other modules and apparent solutions with no luck. I know discussions exist about this problem for Drupal 8, and I have seen a few patches to address the contextual filters issue in views entity reference, but haven't been able to make it work. I tried the Reference field option limit module, but it doesn't allow me to sort the list, and it breaks on the add form.