Translating list with checkboxes, to a combo of dropdowns

I have this list with checkboxes: enter image description here

My Product Manager wants to consolidate the information, because:

  1. It's overwhelming.
  2. It takes up a lot of space, and we may not have all that space, where this feature is going.
  3. No one will ever need all options. Most users will need only few.

I put together this dropdown combo, as an alternative. Is this the best UX? What are other options?

enter image description here

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