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I am curious whether federal regulations have traceability to the Congressional law that it corresponds to. In other words, does a specific federal regulation state that it’s legal authority is tied a specific law? That would make it easier to update or remove the law if Congress amends the legislation at a later date.

If not, then does not the Chevron decision undermine the legitimacy of all federal regulations as no one knows which Congressional law justifies it?

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To a degree, yes. Regs will cite the statutory authorities upon which they are constructed, although it's a rough map at best. I tried to map this out a few years back, with some success: https://www.mercatus.org/research/working-papers/regauthorities-regulations-authorities-dataset

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Interpreting the attached Op-ed, we now have musical chairs at EPA after each change of party at presidential elections. That means that agency experts are no longer the apolitical civil servants whose judgments deserved special consideration, but make rules influenced by party ideology.

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The debates about Chevron deference overlook history. Check out recent Hill Op-ed

https://thehill.com/opinion/judiciary/4597366-the-debate-over-chevron-deference-overlooks-its-history/

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