Here's a simple breakdown of the process regarding edit custom options within the Advanced Product Customizer admin panel and your Shopify store:

1. Step 1:

   Go to the options list tab

   

2. Step 2:

   From the options list, click on the edit button for the Color option which needs to be updated.

   

3. Step 3:

   Enter the desired new values for color option and click on save button to save changes.