I was looking for a similar option, but I cannot find it either.
Basically, I want to set a single select field based on an if statement in a formula. But I cannot manually provide a State.
I expected that I could get the values in the database (aka, get all values associated to the single select), and get the 1st, 2nd, 3rd option, but I cannot get it to work. Is there anyway to set a single-select value from a formula?