Ability to sort and edit values inside a custom Field dropdown

Right now when creating a custom field dropdown I see 2 issues:

• I have no way to sort values that I add. There are sorted by date created, I don’t have a way to sort alphabetically or manually, which doesn’t provide the best user experience for end user in the dropdown.

• I can’t edit the value. If I add a value which I want to rename, I need to delete it, and create a new one.