Hi Jomy,
Can you please check the data preview for the Analytic view. In this data preview, please check the SQL generated from the View log. You will find that the label column is also selected in the SELECT clause. I think the position of the label next to the key is front end feature, but the underlying SQL statement would select the label column explicitly.
To my understanding, the universe will also fire SELECT statements against the view which then should also contain the label column.
I am not an expert in BO front end, but this is my understanding which you can verify with the generated SQL statements in data preview option.
Regards,
Ravi