The update feature has been removed since it's easier to just delete the location and save a new one
I will consider making something for the sorting process though since that's a problem I've been running into a lot myself

The update feature was much easier to use whenever I just wanted to tweak the coordinates a little bit to get the destination aligned better.
I was able to make the changes, then click Update, Save, Set in like a second.
Now I would have to Save, click on the old destination, Delete, confirm delete in the popup dialog, click back to the new destination, Set, and even then the name of the new destination will have (1) on the end of it with no way to rename it.

Oh okay, I see.
You can edit the coordinates, set, re-select the saved location because it clears it for some reason, delete, confirm delete, then save from the destination part of the UI and re-type the name.

That's still massively more complicated than it needs to be and very unintuitive, but it's usable...
Seriously though with the old UI this was three clicks with no popups.

EDIT: Wait, deleting a location doesn't clear it from the location fields, even though setting does!? I mean that's good but now I'm even more confused. XD