Label toggle has no effect if there are text on label field

Hi There,

When I’m creating a form, I disabled both settings of Global and individual field level to disable label.

But if there are any text in the label field, the button has no impact. I have to go every fields and remove the text from label field in the form setting.

I think it’s a bug. I assume the behavior would be to disable label whatsoever if the button label is disabled in global setting. What’s the point of this setting, if I have to individual fields and remove text from the label field?

NB: Can’t attach image here as a new user. So I’m attaching link to the screenshot.

Please let me know your thoughts.
Thank you!