For managing a label you can either do an edit or archive.

Path: Space > Ellipse Icon > Settings > Labels

Select your desired space to see the Ellipse Icon.

Edit Label

To manage the label click the Ellipse Icon on the right of the label box. Click on the Edit option to edit.

Now you can edit the label details then click the Submit button.

Archive Label

Next to archive the label click the archive option.

You can view the archive labels by clicking the Filter button.

Path: Filter > Archive

Restore & Delete Label

For the archive label you can restore or delete. To restore click on the Restore option.

Next to delete, click on the Delete option.