A sub-admin or a workspace-admin can do that.
They need to go into the Setup area -> Workspaces and Projects -> select the workspace -> then click fields -> from dropdown: select "Portfolio Item" -> then edit the 'State' field, make certain to choose your type of Portfolio Item from down-down on the right side, then edit the column list:
<Please see attached file for image>

And it shall result in:
<Please see attached file for image>