Using this function is the proper way to output all needed components for both TinyMCE and Quicktags. _WP_Editors should not be used directly. See https://core.trac.wordpress.org/ticket/17144.
NOTE: Once initialized the TinyMCE editor cannot be safely moved in the DOM. For that reason running wp_editor() inside of a meta box is not a good idea unless only Quicktags is used. On the post edit screen several actions can be used to include additional editors containing TinyMCE: 'edit_page_form', 'edit_form_advanced' and 'dbx_post_sidebar'. See https://core.trac.wordpress.org/ticket/19173 for more information.