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Create a folder in your theme "i18n" and add en_US.csv , with the help of en_US.csv you can change "Discount" string to another string, it's one of the easiest method.
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You cannot reach your goal through LayoutProcessor.php because in this way you define how your field will look like after it is rendered.
So in your layout processor you should define the select default value (e.g. Please select country and/or region) and define a custom component for your city field.
Let's suppose that your custom component is Vendor_Module/...
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