I came across this issue today at work and turned it in to Support. I was able to repeat it on my home setup so I thought I'd post it here to see if anyone else has come across the same thing.
In both instances I have several named Model sets and have them assigned to like named Studios. I had to rename a Model Set and found that it will update to the new name in the drop down list of the Studio creation dialog but it will not update the name in the model set name box.
I tried saving the file, changing the model set assignment for the studio, removing the model set from the studio and reselecting it but none of those efforts worked.
My home system is a HP laptop running Windows 10 with KeyShot Version 7.2.135.
At work it is a Dell workstation on Windows 7 and Keyshot is a couple of versions behind.
So is it a bug or do I need to change my workflow?
Here's a screenshot of the dialog with the renamed model set highlighted.
You renamed the model set from within the Studio drop-down menu or the Model Sets panel?
I renamed it in the Model Sets panel. the updated name showed in the drop down list in the Studio panel. It just wouldn't stick to the Studio.
BTW, at work I did get a response from Support stating that they were able to recreate the issue and had turned in a Bug Report on it.
Good to know. Thanks for filing and reporting back.