Yes, you have complete control over your labels. You can easily edit or delete labels anytime through the Custom Product Label Magento 2 Extension user-friendly interface, ensuring your labelling strategy remains up-to-date and relevant.

Read this guide on How to Create and Configure Product Labels in Magento 2 Store with MageDelight's Product Labels Extension for Magento 2.

Here are the few useful resource to help.
1. Maximize Conversions With Our All-new Magento 2 Product Labels Extension.