A smart use case for labels is on color pickers with predefined values.
Depending on the app's context you can even omit labels.
Consider keeping them for color-blind people who struggle to identify colors though.
Use Labels Cleverly 1
Complement your link copy with a visual representation of the selected value. In this example, the labels show you how capitalization will look.
Display Useful Shortcuts
Keyboard shortcuts boost productivity and save time for power users. Yet it's sometimes difficult to remember them.
User Hate Surprises
With a simple UX copy adjustment, you can avoid misunderstandings and upgrade your product experience