Hi there...
Noted your issue and thanks for the pic.
It appears to be an Infected sebaceous cyst. This is why the previous Dermatologist probably said let it be and /or remove it electively.
Ideally, treat the secondary infection for now to address your pain and swelling and redness issues and when the issue reduces, then opt for a surgical excision.
Next Steps
INSTANT or ONLINE Consultation for a prescription to treat this secondary infection 🙏
Health Tips
Avoid handling the area too much as it may rupture the cyst and lead to scarring.
Steam lightly 3-4 mins followed by splashing 💦 water and dab dry..do not rub.