Duplicate of resolved issue MCL-12083.
It is currently impossible to change the version of any Minecraft installation within the launcher GUI - but only manually from configuration file launcher_profiles.json.
Further see: https://www.youtube.com/watch?v=ND0CAg3-bKY
I am using the generic Linux launcher ("Other")
Tested on both the stable and beta versions.
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We're tracking this issue in MCL-18387, so this ticket is being resolved and linked as a duplicate.
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