We have included a filter for every label. You can change any label with its filter. One other why to change Labels is by using the translation files.
There are plugins like Loco Translate to comfortable create custom language files and adjust the label to your needs. This will be less work than using the filters. For example, the string "Shop" will only get translated once but can be used in many different filters.
How ever, if you want to change just one label or need to manipulate labels dynamically you can do so by using the filter. If you just want to translate all, better use the language files.
List of Label Filters