Unable to update a dictionary record of type "String" to "Translated text"

Not able to find / select "Translated text" on the sys_dictionary record.

Steps To Reproduce:

1. Login to the instance.
2. Open any dictionary record of type string. For example: "Title" on sys_report table.
3. Try to update the Type from "String" to "Translated Text". You will not see any option.

The string record on sys_glide_object is not extending string.

It should extend "String" instead of Date/Time. Navigate to this URL to check the value: /nav_to.do?uri=sys_glide_object.do?sys_id=747127c1bf3320001875647fcf0739e0

Please revert the value to "String" as per OOB.