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In 4.1 (I'm running March 6 Development build) it is impossible to edit anything other than the Context Path in context.xml. No other properties are visible or accessible in any way in the new structured editor. With web.xml, there is an option to edit the xml directly for the many element types that do not yet have structured editors. context.xml needs a similar facility. I don't know if this is an incomplete feature or a bug, so it seemed best to report it. The only workaround now is to edit context.xml outside of NB.
It actually is possible. You need to close the visual editor for context.xml, and then the "Edit" action in its popup menu will be enabled. This action will open context.xml in the text editor.
See also the issue 45131.