I know we can do this in Release Page, however, I have already re-arranged this and it doesn't reflect accordingly in the Backlogs page:
Versions on Release Page:

Versions on Backlogs Page:

I don't know if this has something to do with the Active Sprints, I did activate the Sprints under the V1_R4 Version first before I activated the ones that are in the other Versions.
Looking forward for the response! Thanks!