The current way is very prone to mistakes and once added, it’s a pain to delete the Options if there was an error since there is no Bulk deleting. I’ve seen on other sites that there is an “Option” menu just like the Products and Category ones where we create the “Options” with their items and then when creating or editing Products, we would be able to add the Options (already created with its items in the Options menu) we wanted since each had a distinctive name. It would be very similar to the current choosing in which Categories the product would go in. This way if we wanted to edit just 1 item in 1 Option, we would just go into the Option menu, choose that Option in specific, change whatever item or pricing inside it is needed and automatically change all products that has that Option. Again, very similar to when you change a category name and every product that is inside that category will have their category name updated.
