JSFiddle - React, Tailwind, and code Playground

HTML

<select name="label" id="label"> 
    <option value="1" label="testLabel">testLabel</option> 
    <option value="newLabel" label="New Label">New Label</option> 
</select>

JavaScript

$(function(){
    $("#label option[value=newLabel]").html("Other Label");
    
});