The bit map versions of maps are mainly rendered in the background and depending on which particular rendered version you are looking at can be very out of date. The version you see in the editor was current at the time you started to edit it.
Also, browsers and caches in ISPs can save out of date versions of image tiles.
The vandalism to way 10515696 was repaired 10 days ago, even though it had actually been present since 5 months ago. Presumably mapquest hadn’t got round to re-rendering the tiles in that area at the scale you are using, or your browser was caching out of date versions of those tiles.
The Mapquest tiles that OSM displays on its Mapquest layer haven’t been updated for a few months now. Mapquest’s main site (at least most places outside of the US) is now using maps from Mapbox - see https://www.mapbox.com/blog/mapquest/ . I therefore doubt that this advert in Sacramento will ever leave these Mapquest tiles. All of the layers that do get updated have been updated with the correct name, though.
“Changing street names to advertising names” has been a bit of a thing in the US over the last few months. The best way of monitoring this is to keep an eye on local changes and new local mappers, for example via http://resultmaps.neis-one.org/newestosm?c=United%20States#9/38.6233/-121.4346 . Some of those will be new mappers unconnected to any company, some will be business owners legitimately adding themselves to OSM or people working on behalf of legitimate business owners, but some (actually a very small number) will be spammers.