When trying to reorder the values of variant properties, it simply doesn’t show the update. It actually reorders the item behind the scenes when you close and reopen the dialog. But it won’t show the update live. Which is very jarring.
This might be a bug that was introduced in a recent update, as it worked fine a little while ago.
The entire panel is a bug itself now, together with that unfortunate way of sorting.
Managing (read Sorting) variants with more values has become unmanageable.
Well, that was when this new inept way of sorting actually worked.
Such progress: Magic!