The Heisenberg triangular lattice quantum spin liquid and the phase transitions to nearby magnetic orders have received much theoretical attention, but clear experimental manifestations of these states are rare. This work investigates a new spin-half Yb$^{3+}$ delafossite material, KYbSe$_2$, whose inelastic neutron scattering spectra reveal a diffuse continuum with a sharp lower bound. Applying entanglement witnesses to the data reveals significant multipartite entanglement spread between its neighbors, and analysis of its magnetic exchange couplings shows close proximity to the triangular lattice Heisenberg quantum spin liquid. Key features of the data are reproduced by Schwinger-boson theory and tensor network calculations with a significant second-neighbor coupling $J_2$. The strength of the dynamical structure factor at the $K$ point shows a scaling collapse in $\hbar\omega/k_\mathrm{B}T$ down to 0.3 K, indicating a second-order quantum phase transition. Comparing this to previous theoretical work suggests that the proximate phase at larger $J_2$ is a gapped $\mathbb{Z}_2$ spin liquid, resolving a long-debated issue. We thus show that KYbSe$_2$ is close to a spin liquid phase, which in turn sheds light on the theoretical phase diagram itself.