Can the value set of an existing descriptive flexfield segment be changed after use?

Summary:

I am working with a Supplier DFF global segment that currently uses an independent value set. I need to add over 600 additional values and wanted to do this in bulk, so I attempted to use the Oracle Visual Builder Add‑In for Excel. However, I ran into issues downloading the value set values because the value set code contains a space.

To work around this, I created a new independent value set with the same structure and data type but without spaces in the value set code. I loaded all the values from the original value set, along with the additional 600+ new values. I then went to Manage Supplier Descriptive Flexfields, edited the Supplier DFF segment, changed the value set to the new one, clicked Save and Close, and deployed the flexfield without any warnings or errors.