As option says while "Change Content Type Column"
"Specify whether all child site and list content types using this type should be updated with the settings on this page. This operation can take a long time, and any customizations made to these values on the child site and list content types will be lost."
However, when I remove with Yes checked for "Update all content types inheriting from this type?" Field gets deleted from All content types but not from the list. I was expecting that column on the SharePoint list to also get deleted. Am I missing something?