Can we change AWS account names for the different environments and will there be any impact to the services in the accounts?

Your AWS account name is the name that appears in the AWS Management Console next to your account ID. You choose this name when you first create the account, but you can update the name through the AWS Billing and Management console.

Changing an account name is a task that requires root user credentials. Therefore, only the AWS account root user can modify the AWS account name and it can take up to 4 hours for the changes to reflect on the AWS console.

In general changing the name should not impact any AWS services unless they have something hardcoded like policies, scripts, or other customer/vendor built integrations which are specifically using the account name.

You can watch this video on how to change the account name using the AWS Management Console.

I hope here you are referring single AWS account and question is for account alias.

Why we use account alias: If you want the URL for your IAM users to contain your company name (or another easy-to-remember identifier) instead of the AWS account ID.

At a time, your AWS account can have only one alias. If you create a new alias for your AWS account, the new alias overwrites the previous alias. The URL containing the previous alias stops working.

The account alias must be unique across all Amazon Web Services products. It must contain only lowercase letters, digits, and hyphens.

See more details available @ https://docs.aws.amazon.com/accounts/latest/reference/manage-acct-alias.html