There appears to be new behavior where options that have been selected by 1 or more contacts can no longer be deleted. They can be disabled from showing on the form and/or they can be merged into another value. I’ve created a non-form value called “Archived” and are merging the values to it. HubSpot changes the property value to “Archived” when this merger happens.
My guess is visible / internal values are not longer being stored, just numeric key references. Seems like a step backwards in the name of some kind of database optimization.