Code to Rename Default Sorting Options in WooCommerce

/* Shop Page Remove Default Sorting */
function wpflt_rename_default_sorting_options( $options ){
	$options[ 'menu_order' ] = 'Default Sorting';
	$options[ 'popularity' ] = 'Sort by Popularity';
	$options[ 'rating' ] = 'Sort by Rating';
	$options[ 'date' ] = 'Sort by Latest';
	$options[ 'price' ] = 'Price: Low to High';
	$options[ 'price-desc' ] = 'Price: High to Low';
	return $options;
}
add_filter( 'woocommerce_catalog_orderby', 'wpflt_rename_default_sorting_options' );

Add the mentioned code to your child theme’s functions.php to rename the default sorting options in WooCommerce.

In the above code, Change the default text to the new renamed text.