I try it in chromium and firefox. I found that in both contenteditable="false wasn't editable.
https://html.spec.whatwg.org/multipage/interaction.html#attr... has the details. It comes down to the ability to specify contenteditable="false" within a contenteditable area, with the absence of a contenteditable attribute corresponding to the inherit state.
I had quite forgotten that it was possible to nest something non-editable within something editable. Fairly similar to user-select behaviour, really.