Do the fields in the form show "Value" or the "Label" from a list

I have a filter list. the "Label" of which will show in "type" field of the "Document" form.
I want to edit this "Label" because we want the "Type" to be different, and editing  the "Value" erases the values from the Type field  of every Document form where this value occurred. We ofcourse can't have this so the solution was to just edit the Label. 

However, 
In the near future,I also want the "Type" to appear in the right click menu on a Document under Process Plan --> operations --> Documents. 
This "Type" will also show the "labels", correct?

Secondly, is Aras's default behaviour to show the "Label" of the list?

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