The Layer Obect Method 'ApplySymbologyFromLayer()' currently only applies the feature symbology information and does not apply any of the Labeling Properties, MapTips.
There should be optional parameters in the method to port those properties to the Target Layer as well.
The only work around to do this currently is to use the 'arcpy.mapping.UpdateLayer()' method.
However, since the 'UpdateLayer()' method also updates the Target Layer's Data Source with the Source Layer's Data Source, your Target Layer ends up pointing to whatever source data your Source Layer File was referencing.
If all you're trying to do is get the full symbology properties applied to your Target Layer, including the Labeling properties, Map/DisplayTips and DefinitionQueries from the source layer, then after using the 'arcpy.mapping.UpdateLayer()' method (since this is the only method that supports the full property set) you then have to go back and use the Layer Objects 'replaceDataSource()' method to revert the data source.
Why so complicated? Just add the optional parameters to the 'ApplySymbologyFromLayer()' method