`UTS_RELEASE` includes `EXTRAVERSION`. If you change `EXTRAVERSION`, `UTS_RELEASE` will be updated to reflect that. If you change `UTS_RELEASE` in `include/generated/utsrelease.h`, the file is liable to be rewritten the next time you build the kernel, which would lose your change. So don't touch `UTS_RELEASE`, edit `EXTRAVERSION` if you have to.
The kernel supports a local version too, which is defined in the kernel configuration and is designed to be changed in local builds. It is appended to the kernel release. You should probably use that!