This is probably quite the often use case. You have some term store metadata but now you need to rename something or you found a typo you need to correct. Sounds farily easy, right? Well, not really. You should be prepared for some unexpected behavior which strongly depends on the way you set up the metadata in the first place. So in this post, SharePoint Maven would like to explain the different uses cases and various experiences you will get.
https://sharepointmaven.com/how-to-rename-metadata-tags/
In one of the previous blog posts, SharePoint Maven explained different ways users can create metadata in SharePoint. One of such ways is via Managed Metadata (SharePoint Term Store). As a matter of fact, once you start using it, it might become unlikely you will ever go back to “regular” choice columns. It is definitely a preferable way to create metadata.
https://sharepointmaven.com/top-10-features-sharepoint-term-store/