Labeling is strictly for renaming those long strings of letters and numbers into names you easily recognize.  It does not lower the Security of your Wallet in any way.  That is unless you have a sneaky room mate and they get a chance to peek on your screen while you are browsing your Wallet labeled 'MILLION DOLLAR SAVINGS'.

There is no need to be scared of labels.  They are only there to help you organize your Wallet in a better way.

You don't have to be fearful about Labels because if anyone wants to steal your bitcoin, moves it out of your wallets, they must have access to your Bitcoin private keys. If they don't have access to private keys, your bitcoin is safe.

With either labels or public keys, nobody can move your bitcoin.

Bitcoin Physical Attacks.