Hi Scott,
Thank you for your post in our forum.
Per your description, based on our test, we would like to explain that if you want to change the drop-down column, you need to double-click or right-click > edit to edit the drop-down option. So, we are so sorry to convey that it’s not possible to change the drop-down option directly on the List column page. We do understand it would be more convenient if there is a feature that allows changing the drop-down option directly on the List column page, given the situation, we sincerely request you can submit your ideas to the Microsoft SharePoint UserVoice as more numbers of votes will draw the attention of related developing team.
Appreciate your patience and understanding. And thank you for your time. 😊 Have a good day!
Best regards,
Cindy
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