How to get the Choice Text and Value in the Dataverse using JavaScript?

Scenario: Get the ContactMethod Choice Text and Value on Onload of Account record.

Configured the On Load event on the Account Form and check the execution context parameter.

function onLoad(executionContext) {
    let { optText, optVal } = getChoiceTextAndValue(executionContext, "preferredcontactmethodcode");
    console.log("Option Set Text: " + optText);
    console.log("Option Set Value: " + optVal);
}


function getChoiceTextAndValue(executionContext, optionSetFieldSchemaName) {
    let optionSetText = null;
    let optionSetValue = null;

    if (executionContext !== undefined && executionContext !== null) {
        // Get the FormContext
        let formContext = executionContext.getFormContext();
        // Get the Option Set Attribute
        let optionSetFieldObj = formContext.getAttribute(optionSetFieldSchemaName);
        // Check for the Option Set not null
        if (optionSetFieldObj !== null) {
            // Get the Option Set Text
            optionSetText = optionSetFieldObj.getText();
            // Get...

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