A few tips on what to expect when editing WCO forms snippets:
If you make update to the form settings itself (redirect URLs, autoreply, connectors etc ) it will be reflected automatically as long as your HTML forms use that WCOFormID
If the snippet containing your form is managed by a CMS asset, then it is not recommended to change it directly in the WCO, it will be overridden next time the asset with the snippet is republished
Direct WCO snippet changes will be committed immediately, but will not update the asset's content automatically and will be applicable only until the original page is redeployed (which will override your direct changes).
And here's some additional information from the engineering team on how this works
The actual HTML of the form is added to the snippet content manually though (or by selecting `Insert HTML Code at End of Snippet` when inserting a form). So if you add or remove fields from the form you need to update the snippet content, even if you make the edit's directly in the WCO form editor. So if snippet X uses form A, and you edit form A directly by adding new fields, the form HTML in snippet X won't be updated automatically (so it won't include those new fields)
If you add/remove form fields directly through WCO the snippet content won't be updated automatically