Select an instance of the component > context-menu > Change Axes
Pick a logical origin - like the circle’s center and height as the blue Z axis…
Now when you edit it the axis is logical.
It does not affect the other instances - i.e. they stay where they are but now have the revised axes.
Alternatively - e.g. in objects with complex geometry, where the whatever axes you have they will not always be positioned as you’d like - in the edit use the Axes tool to position a temporary set of axes so that inferences etc work as you want, reset the axes afterwards in the context-menu…