Just noticed this: in NCM 7.1 with NPM 10.4, changing a node name in NPM updates the name in the NCM web integration, but not in the NCM console application. I haven't found any way to get the node name updated in the Windows console app.
Have you tried refreshing the Node List in the NCM console application? You can do so in the file menu by going to Nodes->Refresh Node List. I just tried changing a node name in mine, and it didn't update the name until after I refreshed the list.
The Managed Node name does change, the NCM Node Mapping name (where you determine if it is licensed by NCM) does change, but the name in Manage Configs and NCM Node Details are still with the old name.