lightning-record-form can be used in the Salesforce Lightning Web Component for Picklist field inline editing.

Sample Code:

Apex Class:

public with sharing class AccountController {
 
    @AuraEnabled( cacheable = true )
    public static List< Account > fetchAccounts() {
     
        return [ SELECT Id, Name, Industry, ParentId, RecordTypeId FROM Account LIMIT 10 ];
         
    }
     
}

Lightning Web Component:

HTML:

<template>
    <lightning-card title="Accounts">
        <template iterator:it={records}>
            <div key={it.value.Id}>
                <lightning-record-form
                    record-id={it.value.Id}
                    object-api-name="Account"
                    fields={fields}
                    record-type-id={it.value.RecordTypeId}
                    columns="3"
                    mode="view">
                </lightning-record-form>
            </div>
        </template>
    </lightning-card>
</template>

JavaScript:

import { LightningElement, wire } from 'lwc';
import fetchAccounts from '@salesforce/apex/AccountController.fetchAccounts';

import NAME_FIELD from '@salesforce/schema/Account.Name';
import INDUSTRY_FIELD from '@salesforce/schema/Account.Industry';
import PARENT_FIELD from '@salesforce/schema/Account.ParentId';

export default class SampleLWC extends LightningElement {

    records;
    wiredRecords;
    error;
    fields = [ NAME_FIELD, INDUSTRY_FIELD, PARENT_FIELD ];

    @wire( fetchAccounts )  
    wiredAccount( value ) {

        this.wiredRecords = value;
        const { data, error } = value;

        if ( data ) {
                            
            this.records = data;
            this.error = undefined;

        } else if ( error ) {

            this.error = error;
            this.records = undefined;

        }

    }  

}

js-meta.xml:

<?xml version="1.0" encoding="UTF-8"?>
<LightningComponentBundle xmlns="http://soap.sforce.com/2006/04/metadata">
    <apiVersion>50.0</apiVersion>
    <isExposed>true</isExposed>
    <targets>
        <target>lightning__Tab</target>
    </targets>
</LightningComponentBundle>

Output: