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I have partially described how to fix that settings panel showing the old value above already, using LibAddonMenu's callback for LAM-PanelControlsCreated.
And if you had looked at the LibAddonMenu WIKI pages I linked above you would have seen there is another callback LAM-PanelOpened, which you could use in to update the label each time your LAM panel opens (Add a nil chck in there as the 1st time it's called maybe before LAM-PanelControlsCreated!).
Both in combination should fix your issues.
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