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This thread is resolved. Here is a description of the problem and solution.
Problem: I am trying to update the data under "Countries >> Continents" in WP. I expected to see population (millions) field is supposed to have this number: 922. Instead, I still see the old number: 988
Solution: Make sure that the translated taxonomy slug is different than the original taxonomy slug. The changes made in the custom fields (like the ones from Yoast SEO, for example) cannot be saved when the slug is the same in original and translated taxonomy. You can temporarily change the slug, make the changes, and put back the same slug.