Updating Field Name in Model deletes Field Content in Item

Say I have a Wysiwyg field with name “Test” in a collection.
I made a new item in the collection and wrote stuff in the “Test” field.

Now, I would like to change the name in the collection from “Test” to “Hello”.
This deletes any written content in that field in every item in the colletion.

Same with asset fields, it deletes all assets in the item upon changing the asset field name in the model.

Is this expected behavior or am I doing something wrong/missing something obvious?