Record a ComboBox selection with "By Value" being the default mode.
Open the inline editor and change the By Value option to By Text. 
1) You have to restart Test Studio in order SelectionValue to be replaced by SelectionText
2) If you change the SelectionValue in the step properties and press Enter key, the SelectionValue in the Inline editor will be also updated. However, if you change the SelectionValue in the Inline editor, you have to close the Inline editor in order to update the SelectionValue that is in the step properties.