Your code is not working correctly because you are using the woocommerce_product_options_stock_status action hook instead of woocommerce_product_stock_status_options. This replacement action hook allows you to add a new status without replacing the existing dropdown.
To achieve the desired functionality on the frontend, you need to use woocommerce_get_availability_text and woocommerce_get_availability_class hooks instead of woocommerce_get_availability. These hooks allow you to modify the availability text and CSS class based on your custom stock status.
To display the custom status in the admin product list table, you can use the woocommerce_admin_stock_html hook. This hook lets
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