re: We have noticed that when they edit their profiles, under biographical info, the add media button is unavailable for Editors. Is this only available to Administrators?
The media button is controlled by the
unfiltered_html capability. On single site install of WordPress Editors should have this capability. They do not on a multisite install. You could enable this capability to the Editor role and the button will display.
re: is there a way to get the full text menu editing options for this area as well?
The next update to Connections will give users with the
unfiltered_html capability access to the full visual editor options.
Hope that helps!