hi @hantsjoel
It depends on your data source.
In Dataverse, suppose you have a choice column of Red, Yellow, and Blue, and each choice appears at least once in a row in your table. You then configure the choice column and change choice Yellow to choice Purple. Dataverse is intelligent enough to automatically update each row to which has a choice value of Yellow to Purple. This functionality applies to both Global & Local choices.
SharePoint works differently. It will not automatically update the choice value with the new value. but the old choice value will remain even if that choice has been deleted. It will not get cleared.
I am not equipped to speak for other data sources but I hope this helps.
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