ArcGIS Pro allows you to save a label symbol to a style and a label position to a style. It would be wonderful if you could add the option to save them both in a single style.
ArcMap's label styles stored both the placement and the text symbol. We found that there weren't heavily used because many wanted the placement but not the specific text symbol - so we separated them to allow for more free mixing and matching.
See comment from Craig Williams
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