Changing formik react-select values

[marionram]

I'm dealing with an issue very similar to the one described here and I'm not that familiar with react-select so perhaps I missed something in the docs that would help me.

I'm using react-select inside a Formik form and I need to be able to receive new values and update the entire form. By using Formik's setFieldValue() I'm able to populate the form with new values but the react-selects aren't displaying their new value. I'm also using setFieldValue() for the selects onChange and it does update the values so I don't understand why I'm not able to use it to set values as well.

After the form gets populated with new values and I check the contents of the selects, I'm able to see that they contain a label (which Formik calls name?) and value with data in it

But the input itself will be empty (see City below) until another option is "manually" selected (which is what I did with Subdivision/SubdivisionName to show that both fields contain the same data structure and somehow works fine with onChange())

The only way I've been able to sort of reach the solution I need is to set the new values as the placeholder, but this doesn't actually select it as far as I can tell and I need it to be as if I had just selected that option. I've tried using defaultValue but since it doesn't update then that won't work for what I need and using value did work but the onChange won't update the values.

Thanks in advance for the help!