There is a good chance that the value will not persist, searches may fail, and in the worst case, you could lose data from other custom field values or other custom fields on the issue. The issue you've amended will behave inconsistently until the index is updated.
Do NOT change data in a Jira database while it is running. Shut it down. Perform the SQL. Restart it and re-index. Make sure you take a full backup before you do this, and prove it can be restored before proceeding.
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