Common use cases for labels are;
All icons should be assigned a label/name.
Common use of labels with icons are:
Tree view list items, and labels that identify an action or a control use regular text weight:
Labels can be styled bold when used to group other items, or an active links.
When focused, labels are highlighted blue, like most other Editor controls in focused states.
Adjustment based control elements that require fine input, or enable / disable toggles when used alone, can be interacted with their label. This gives users a wider area and finer control to interact with these elements: