I would only be worried if it changed in data view. Does it affect printed output? That is when I would worry, since layout view is for printing and probably less suited for viewing.
That is interesting, took me a moment to understand the screenshots, but I see what you mean. This label is based on what kind of field?
What version of ArcGIS are you using. Where is the data residing (local file, personal/file geodatabase, enterprise GDB)?