Answer
For a custom field backed by a custom list/enumeration, target the underlying '_DB' suffixed column in your migration mapping (for example, CF$_YOURFIELD_DB) rather than the plain CF$_YOURFIELD column — the plain column reflects the presentation/display value, while the _DB-suffixed column holds the actual stored database key that Excel Migration needs to write to for this field type. Mapping to the _DB column instead of the display column resolves update failures specific to custom fields linked to custom lists or enumerations.