The UI is absolute rubbish, to put it politely.
I discovered by accident that there IS a round-about way to update a preset. You need to set that preset as the default in the settings. Then when you load a new source, you’ll see the icon with 2 circles in the tab. Only when it’s in that state, you can then right click to access the drop-down menu to update the preset.
But be aware that if and when you update that preset, the default preset will revert to “None”. I have just raised that as a bug:
Andy