Removing a release from Backlog and Sprint planner
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The list you are seeing is the Dropdown List. It is not necessarily a reflection of the values in the columns (though it should be).
On the column header, click on the down arrow to open up the Column Menu.
Select Edit Column Properties at the bottom of the menu and you can update the items in the Dropdown List.
https://help.smartsheet.com/articles/504619-column-types#dropdown
Good luck.
Craig