Rename Formats select

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Is it possible to rename the FORMATS select when it’s added to the editor?

I am adding custom CSS styles via the functions.php file, but we end up with two Format selects in the WYSIWYG – FORMAT added by WordPress and FORMATS added by the plugin.

Ideally, I would like to change the name of the plugins select dropdown to ‘CSS Styles’ or similar to improve the UX.

Thanks
Dave