It would be helpful if the Change Log captured selected Picklist values in text format.
Recently, due diligence escaped us and we updated a picklist that was already tied to several other workspaces. This change caused significant data loss in these workspaces, and we were unable to reference the Change Log for what the former Picklist value had been.
With the Picklist values deleted, the Change Log represented the change as FieldName: <s>Option 2</s> → null [see screenshot]
I submit the Change Log to be updated to capture Picklist values in text format so that they do not appear as "null" when that picklist value is no longer available.