Thanks. This works great in almost in all instances with the exception of one and that is probably because I am doing something unique.
Here I have a button that hides the controls in the data card and shows others via a toggle variable. The combo box populates as expected when the record is selected in the gallery

This is the code on the "Add New Partner" button
UpdateContext({varAddPartner: !varAddPartner})
These controls become visible when the "Add New Partner" button is clicked.

When you enter the new partner name and click 'Add Partner' the new partner name is added to a table in Dataverse and toggles the visibility back to the original controls.

This is the code used on the "Add Partner" button
UpdateContext({newPartner:
If(
!IsBlank(TXT_AddPartnerReview.Text) && IsBlank(
LookUp(
Partners,
'Partner Name' = TXT_AddPartnerReview.Text
).'Partner Name'
),
Patch(
Partners,
Defaults(Partners),
{'Partner Name' : TXT_AddPartnerReview.Text}
)
)});
UpdateContext({varAddPartner: !varAddPartner});
Reset(TXT_AddPartnerReview)
Here I am back to where I started. This works fine but requires the user to interact with the combo box again and choose the new partner name that was added in the previous step. Ideally, I would want the combo box populated with the new partner name that was added.

The current expression I am using for DefaultSelectedItems is:
LookUp(Distinct(Partners, 'Partner Name'), Value = Parent.Default)
In another part of the app, where a new record is created, I am using this code and this populates the combo box when a new partner name is added. (Yes. There is a radio button involved in displaying the data card)
If(
Self.DisplayMode=DisplayMode.Edit && Text(RB_PartneringReview.Selected.Value) = "Yes",
If(
IsBlank(newPartner),
{CB_PartnerNameReview: Parent.Default},
newPartner
),
Blank()
)
What I have above does not throw an error but it also doesn't populate the combo box. I've dropped a label in the app and set it to newPartner.'Partner Name' and it does show the new partner name I added. How could I edit this code to work with the combo box in the edit form?
NOTE: I don't think I ever mentioned that I am currently using a global variable for the Item property of the form. Could that be the reason my code doesn't work?