This is usually something your admins should be doing, not letting anyone do.
But, have you tried using a label field instead?
our dropdown field already has 700 values. is there a way to add them to labels ?
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If you have one of the scripting options you mention in the question tags, then yes, you should be able to write a short script to read all the issues that have a value set and add the value as a label to the current issue.
https://library.adaptavist.com/entity/bulk-update-the-value-of-a-custom-field-on-jira-issues might help you get started on a script.
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