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Did you add values instead of edit the values?
There is no way to batch update other than to replace the value.
We did removals (non-used values) and additions. I don't think we were able to do actual edits because we didn't have 1:1 value replacements in every case.
I wasn't holding out much hope for batch updates, but thanks for confirming Josh!
I think if you pullled smart lists of what was using the different statuses, it'd be pretty easy to do a flow step to update. I don't think it does it automatically, but it's definitely possible and worth it for reporting purposes!