Hi Saurabh,
I tested little further and after updating Queue name in AlertQueue table followed by recycle of SOI and UI new name refletcts in console but their are no evidance about changed name queue in Auditor ('AuditRecords' table)
as updates made directly to the DB.
Again, the tested and appropriate method will be to create new queue and delete old queue. Any updates made to the DB manually will not be supported.
Thanks,
Ashay