When a custom field's value is edited in org settings, the contents that had this value will lose its association with this custom field after the editing.
Why is that the case? The value should just change in the content library. But the association should not be lost. Otherwise, what is the point of editing? If it is going to be lost, we can just create a new value in the custom field instead of editing the existing value.
Ticket example - 76797.