Workflow Rule for custom pick list field updates across Contact, Deal and Account

I have created a custom pick list that will be created at the lead and contact level, and I'd like to have it automatically updated across deal and account levels as well.

It looks like in workflow I'll have to create a separate flow for each item in the pick list, rather than doing a straight migration of "copy contact field value to deal field". Is this accurate, or is there a way to automatically update the field for whichever item is chosen, using a single cadence or workflow?

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