I tried setting the default value of my Select component to multiple things, even a basic string, and it does not make it the default value for the Select component. I even wrote a basic JS Query to update the value of the Select component and it will not update the select component value with anything, even a simple string "Hello".
Steps:
Aside from what I mentioned above, I made a brand new Select component that has the default Option 1, Option 2 and Option 3 options. I couldn't set any default value unless I wrote it either Option 1, Option 2 and Option 3. I tried to recreate this with my main Select Component, which presents string inputs from an array I'm calling, and it would still not take any string as its default value.
Simplest use case - the default value is a string that exactly matches one of the manually entered Options (the default is "Option 2" and that's what the select shows)
Dynamic simple option - I have a simple JSON array and I use JS to pull a string (the 0 index value in the array is "Option 3" and that is what the Select shows - I put the options out of order just to try to show it is dynamic)
Dynamic mapped option - my options are now mapped to another JSON, but still works just fine (the 0th value is "Option 3" which gets selected (note: not "option 3" with lower case):
Dynamic mapped option with labels - you can set value and labels to be different arrays with an object used as a data source for your drop down. It still seems to work fine (the value at index 1 in my array is 4, which maps to index 3 of my mapping values, and index 3 of my label values is "monkey" which is what is shown):