Database manipulations are not allowed, as Clarissa said. However, you can still do a JQL search for issues with that label and do a bulk edit to change them.
To avoid removing other labels, I advise you to do 2 bulk edits. In the first, choose 'Add to existing' to add the new label name. Then, do the same search and choose 'Find and remove these' and choose the ones to remove.
You'll have to add first, otherwise you won't be able to search after removing.
Also, if you decide to do this, I strongly suggest that you create a few issues first, label them (more than one label is preferable) and then change the labels in the test issues for testing.
I haven't tested these steps to check for side effects.
I hope it was helpful.
Jaime Kirch da Silveira
Atlassian Cloud Support
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