Updating Custom Field value changes the custom field value across live work

Suggestion for custom fields with preset values (I.e. single select, multi select)

If the name of a custom field value from a pick list is changed, it automatically updates wherever it is used or live:

• Request Form custom field lists update automatically with new or edited values
• Live work that is using the custom field and holds a value that is automatically edited changes to whatever it is renamed to
• Dashboards using filters on the custom fields automatically rename to the edited custom field value

Simple renames cause a lot of work to make sure all request forms using the fields are changed, dashboards are changed, and live work needs to be hunted down to also be changed. 

Other project management platforms tend to apply these types of edits instantly.