new Grants extension overrides modifications
The move of CiviGrants to an extension in v5.47 has created some significant issues. For example, the use of .mgd files to manage option values such as grant statuses is very problematic. If a site has modified the default statuses in any way it will cause managed entity errors during upgrade and when caches are cleared. If you resolve those manually (insert the managed records that should align with the existing records), the managed entity rebuild process will overwrite any modifications to existing values. For example -- if you changed the label of "Eligible" to anything else, or added a description, the managed entity file will overwrite it and revert to the defined values in the .mgd file when it's next rebuilt.
This effectively makes these option values uncustomizable via the interface.