Well, to me the behaviour seems pretty fine to me
The value of the record is actually 1; but we want to display AA instead (it is just a display rule).
But when editing the data, there is no other choice than editing the real value… does it make sense to you?
By coincidence I was just on a call with Louis and Steve and showed them my specific issue on screen share. Louis said he would look at it. I mentioned if this is not something that other users would want, then I will just create a smart field and do it on the backend to solve this problem for my implementation. Just let me know.