Once you've added an option to a product, you can edit it, duplicate it, remove it, or go to the parent option using the action buttons next to the option name.
Editing an option will let you make some product-specific adjustments. By default, this product child option will inherit the values for the parent option, including any future changes you make. When you edit the child option, you can override part of the option to stop it from inheriting the parent option's changes.
For example, this could let you set a unique display name for the option on this product only, or remove specific dropdown options for this product. Read more about customizing options for individual products in our document on managing options across products.
If you've edited an option, you can always revert that customization back to the value for the parent option to undo your override.
Duplicating an option will copy over all components of a child option, including any overrides you've made to the option. A duplicated option will also inherit from the parent option.
The only thing you must note is that a duplicated option must have a unique display label (this is a Shopify-imposed limitation; all line item properties must have a unique label). Product Customizer will warn you of this if you forget to change it.
Removing an option will remove it from the selected product; it does not delete the parent option.
Edit Parent Option will take you to the parent option, which lets you make changes you want to be reflected across all child options rather than a product-specific change.