Why or why not?
I've heard about people changing their own title to be more descriptive but it always felt dishonest to me. Especially when the title reflects some kind of progression (e.g. a data analyst changing their titles to data scientist because it will help them land a better job in the future).
My personal policy has been to always use the exact title the company uses, and then list responsibilities in the bullet points which hopefully explains any potential discrepancy between title and responsibilities.
Thoughts?
There's no standard or widely-used set of titles for tech jobs. A person may be called SWE III at one place and Senior Programmer at another. I think it's best to show the title and explain it if that seems necessary -- assume people reading the CV don't know what SWE III or PA-2 means. Explaining unclear or unusual titles also gives you a chance to get more searchable keywords into the CV -- just write "programmer" or "software developer" after the title.
If you did military service your title(s) almost certainly won't make sense to civilians, so you will have to translate them.
A company I worked for let me use XCommander as my title. Another had titles like "Deus ex Machina" and "Kernel Ninja." I wouldn't advertise a goofy title like that on a CV, I would translate it to something that better described the actual position.
In any case titles are not something people reading your CV are going to care a lot about because everyone with any experience in the industry already knows titles are mainly BS. When you've seen hundreds of people with two years experience calling themselves Senior Software Engineers and Chief Technology Officer (of their own company) on their CVs you figure out pretty fast to look past the wrapping paper.
Remember that a CV/résumé has one purpose: to get an interview. Never lie, but be sure to highlight and focus on the skills and experience the prospective employer wants to see. No one cares about your titles or objectives or personal desires, and no one needs to read an explanation for an inscrutable joke or jargon title. Make it clear, remember you have a few seconds to get on the short list or in the bin.