So if we had a Rich Text Element inside a CMS but there were multiple CMS Collections... but they all reference a particular product word quite a bit. "Product A", down the road the product name is updated to "Product B", so we could do a quick update and it would update the product name ever where it is to "Product B" using a conref attribute.

Looks like this is really only done in Oasis currently.
https://docs.oasis-open.org/dita/v1.1/OS/langspec/common/theconrefattribute.html