React does not update state through its function setState when is called with event.target - arrays

Question

Given this code, I want to update selectedOption value by selecting an option.
on Change it will return correct value as event.target, but not in useState.
let options = [
{
value: "",
label: "All",
},
{
value: "0",
label: "With Producers",
},
{
value: "1",
label: "In our warehouse",
},
];
<Form.Control
as="select"
onChange={(e) => {
console.log("e.target.value ==> in select", e.target.value);
setSelectedOption(e.target.value);
handleSubmit(e);
}}
className="form-select"
>
{options.map((option) => {
return (
<option key={option.value} value={option.label}> {option.label} </option>
);
})}
</Form.Control>
const [selectedOption, setSelectedOption] = useState('');
const [filteredData, setFilteredData] = useState([]);
const handleSubmit = (e) => {
console.log('e.target.value', e.target.value)
setSelectedOption(e.target.value);
const data = dataAuction;
let filteredArray = [];
if ( selectedOption == 'With Producers' ) {
filteredArray = data.filter(item => {
// console.log('condition', item.is_resell == '1' && item.is_no_deposit == '1' || item.is_resell == '0')
console.log('is_resell', item.auction.is_resell)
// return item.auction.is_resell == selectedOption;
return item.auction.is_resell == 1 && item.auction.is_no_deposit == 1
});
// setFilteredData(filteredArray);
// setDataAuction(filteredArray)
console.log('if 1');
} else if ( selectedOption == 'In our warehouse' ) {
filteredArray = data.filter(item => {
// console.log('condition', item.is_resell == '1' && item.is_no_deposit == '1' || item.is_resell == '0')
console.log('is_resell', item.auction.is_resell)
// return item.auction.is_resell == selectedOption;
return item.auction.is_resell == 1 && item.auction.is_no_deposit == 0
});
// setFilteredData(filteredArray);
// setDataAuction(filteredArray)
console.log('else if 1');
} else if ( selectedOption == 'All' ) {
console.log('else');
filteredArray = data.map(item => {
// console.log('condition', item.is_resell == '1' && item.is_no_deposit == '1' || item.is_resell == '0')
console.log('else if 2')
// return item.auction.is_resell == selectedOption;
return item
});
// setDataAuction(filteredArray)
}
setFilteredData(filteredArray);
setDataAuction(filteredArray)
console.log('selectedOption =====>', selectedOption)
};
I expect to update selectedOption state. but instead if i click of select, the event.target is correct but it iterates over 'options' array, not in sync with the click event.