For example, I set up a field as text but months later I realize that I’d rather have it as a single select field to match values and display the values, but I can’t change the field type.
Due to technical limitations, changing a text field to another field type is not something we will be able to do. This limitation comes from the unstructured nature of text field data, which cannot be easily converted to the other structured data types. Doing so would likely result in loss of data. You can however currently switch most fields to a similar field type (Single select to radio buttons) or into a text field type (although you cannot reverse this action).