JSFiddle - React, Tailwind, and code Playground

HTML

<select id="list">
    <option value="1">Null value</option>
    <option value="1">item 1</option>
    <option value="2">item 2</option>
    <option value="3">item 3</option>
    <option value="4">item 4</option>
    <option value="0">All</option>
</select>

JavaScript

$(document).ready(function () {
    $('#list').find('option').each(function (index) {
        if ($(this).text() == 'Null value')
            $(this).text('Whatever')
    });
});