This idea has been merged into another idea. To comment or vote on this idea, please visit JETO-I-128 Edit, reorder and bulk update singles select/multi select options.
Ability to sort picklist field options and re-sort when new options are added (i.e. alphabetically)
Thanks @Vivki for your input. I'll be merging this request with https://ideas.jeto.io/ideas/JETO-I-128 which refers to reordering values, but also edit and reorder the sinlgle select and multi-select options.