Hi Abhilash,
We can only keep one site settings record, because only one URL is allowed as the value of HTTP/Access-Control-Allow-Origin header, and Portal Management app doesn't provide a mechanism to merge value of two site settings records into a whitelist: if there are two same header records, only URL of the first created record will be accepted.
So we have to change the existing record to localhost when we need to customize event website locally and then revert back the value to URL of portal.
However, if you only want to debug the application, you could execute browser in DEV mode to pass web security check:
Run a bat file(on desktop) with following command:(It works for Edge and Chrome, if you are using Chrome, change the path to the path of your Chrome. )
"C:\Program Files (x86)\Microsoft\Edge\Application\msedge.exe" --user-data-dir="C:\DevChrome" --disable-web-security
Browser will inform us that the command line poses security risk, but it's should be fine for simple local test.

By doing this, the old event portal can keep running without interruption.
Regards,
Clofly