After creating a validation list in a cell, one may enter one any value in that cell from the cell drop down. Once a selection is made in the cell drop down, a change in existing source entries (say a spelling change) of the validation list will not cause the cell entry to be changed (although the cell drop down values change).
To change the cell value when the validation source entries change, refer to the this workbook.
Automatically change validated entries when source of validation list changes
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