Direction of dropdown arrows when the relative position of the UI component and content is reversed

There has been previous discussions and debates relating to the way or the direction that the arrow should be displayed on a dropdown UI component for the hidden and shown states.

This question relates to a slightly different but related issue, which arises when the component is viewed near the bottom of the page and there isn't enough room to display all of the items that belong to the dropdown list (whether a scrollbar is provided or not). An example of a dropdown list where the contents are displayed above rather than below the triggering component is provided in the screenshot:

So in the case when the dropdown menu is expanded above the UI component in its initial state (when the user clicks on the arrow), should there be any changes to the way the menu behaves in terms of where the arrow is pointing and how the user might scroll through the list of items in the menu? That is, should it be the same as when the menu of items is expanded above the UI component (when the component is more towards the top of the screen) compared to when it is expanded below the component (when it is more towards the bottom of the screen)?

Here is a breakdown of the dropdown list UI component for reference.