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Yes, you can do this easily.

Right-click on the feature you want to re-name. You should get a pop-up context menu with the feature's name at the top. Hover over that and you should see an option to Edit. Click that, change the name, click Apply and you're done.

You can also use this to change the size of a settlement (town, village or city) and which nearby settlements it has a road connection to!