Is it possible to rename a release?

Can we rename a release in Azure Devops (Not Release Pipeline)?

I'm not looking to edit the Release name format property in the General page. I want to rename the release once it's already created/forked from the release pipeline.

The simply answer is, you can't perform a rename operation at a pipeline level. If you want to change it in the Azure portal you can Clone the pipeline from the Author and Deploy blade. Then deploy the pipeline again with the new name and drop the old version.

This documentation also say that if a pipeline is created it creates unique artefacts that can't be renamed. So as mentioned, copy it and make a new one with your new name.