I have encountered these issues with the new labeling option in the Editor preferences:

• It does not include EIPs, such as File, and the previous "If enabled the ID values will be used for labels if existing" option is now gone. So now, the user cannot change the label for an EIP, such as the File component. This is not good since the default File component label can be quite long and gets cut-off. Compounding that issue is the fact that the user cannot resize the File node (rectangular box) to accommodate a long label.
  (Note that I discovered this while setting up the Tooling Tutorials which require that users select the option to use the ID Values for labels. So, if not fixed, this issue will be quite noticeable.)
  Request: Bring back an option that allows the user to specify to use ID values as labels for EIPs.
• It does not include an "Apply to all" option nor does it allow you to select multiple components and click "apply to all selected". The user must select the components that are in their camel context one-by-one and specify the label each time - even if the user wants to use the same label for all of them. This could be extremely tedious if there are many components.