Problem: After updating terms in term store, the value is not reflected in the list view. But in edit form it shows the updated term value.
Solution: Having done some investigation, figured out that the, TaxonomyHiddenList for the site collection has not been updated by the “Taxonomy Update Scheduler” timer job.
In order to sync the list manually, ran the following PS command.
$site = Get-SPSite "site collection url"