Short answer
Once associations are labeled, HubSpot's KB says you can filter by them in segments (Professional or Enterprise), workflows and custom reports, where labels can be a filter, an axis or a breakdown. Some objects, such as line items, don't support custom labels. Creating labels needs Super Admin.
1. Labels per object pair
Contact to company labels in my demo portal's data model.
2. Examples
- Contacts labeled Billing contact at customer companies.
- Deals where a contact is labeled Decision maker.
3. Related
Association labels and company-based contact segments.