Solved issue 1
add_filter('acf/fields/taxonomy/result/key=field_605b7c5cc9dc9', 'my_acf_fields_taxonomy_result2', 10, 4);
function my_acf_fields_taxonomy_result( $text, $term, $field, $post_id ) {
$text = $term->name;
return $text;
}
Feedback and issue 2 remains for the feature save/create terms.
2.1) How to turn of the parent selector on specific field.
2.2) Change the name of the tooltip/dialog(modal) with label name instead of the taxonomy.
2.3) In the dialog(modal) replacing the label of parent with custom label name of a field to field basis.
Ideally the should be some unique identification for the modals
