@MarcelSt-Germain and @TimAlbert I found it! There's a way to do this! (It's not in the normal places you may look for these settings).
Create a new "blank" label class then in your Table of Contents pane > select the "list by labeling" option> go to the labeling class you're looking to copy > right click on it and you'll see a copy option> copy these label class properties> right click on your new label class and paste these settings! It works like a charm!
When pasting you'll also see a variety of options
@KoryKramer any way to put this functionality in a more intuitive place? 🙂