You can use the Concatenate function. Create a formula column, under functions choose the function ‘Concatenate’. then use the columns field to select the other columns that you want to combine. The add a space between the columns in the formula add " " between the column names as one of the values to combine.
No you cannot modify other fields from a formula column. I think this is a common misconception of what the formula column does. To clarify the Formula Column is a client side only(user, NOT monday), visual only, horizontal only, representation of an items data transformed by functions. Formula Columns never modify other columns(aside from additional Formula Columns). Because they are client side only, they are not currently supported by any automations or integrations.
There is a low code way to do this automatically: Integromat or Zapier.
I like Integromat because they have a free tier. For example, you can set up a scenario with any trigger and then the action you need is the Update Column Values of a Specific Item
Choose the “Name” column and then you will need to use a function similar to CONCATENTE, I think its called join on Integromat, to adjust the name of the item.
If you need additional help setting this up, feel free to contact me.