Hey @karreno that does look a bit odd, looking at the screenshot t, I'm assuming the layer selected is the point featureclass, it doesn't appear to have any "label class" attached to it as well, from my understanding all features have at least one label class.
And yeah also doesn't appear to update and reflect that, there was an old BUG with a similar is for scene's: BUG-000093727 appears to be fixed now though.
If we bring the same feature layer into a new map or project do we still experience the same issue?
Regards
@KeiranBray