Projects can be edited in the browser or the TimeTracker extension for Creative Cloud.
In the “Projects” panel, click on a project to select it. The name will be highlighted (see “Coca-Cola” below). Then, clicking on the icon with the pencil will reveal a dialog box to edit the project details. Click Update Project to save any changes. (Note: Changes made in the browser won't automatically update in the Creative Cloud extension. The projects list in the extension will update when you login or if you select "Refresh Project" from the extension pull down menu.)
In the Adobe Creative Cloud TimeTracker extension, click on the small arrow in the upper right corner (circled in red) to access the TimeTracker pull down menu. Select Edit Projects.
Use the dropdown menu to select the project you would like to modify. Existing data (name, job ID, color, your personal budget) for that project will be displayed. Make your desired changes and hit Save.