I found what I think is a bug when Converting Labels to Graphcis that is fine when Converting Labels to Annotation. If it is a bug, you can move it to the Bug section, but just want to verify it is a bug first.
When you Convert Labels to Annotation and you use a "Annotation Suffix" that already exists in your map, it will upon completion add a number to the end of the suffix to make it unique.

adds the suffix as "_ANNO2" due to "_ANNO" already existing

Now with Converting Labels to Graphics, and I already have the same suffix in the map alread, it returns a blank output layer without any warnings or any classes or any converted graphics


So this should work the same as with Annotation and automatically add a number to the end of it if there is a duplicate so that the output classes are unique and not just blank like this...