A shortcut menu like this one would easily move a label by right clicking the label and selecting the snap location.
The move would not change the locked state of the label.
Only the label should change position, the control should remain anchored.
It would especially make the middle right and middle left positions much easier to get to on single-line controls.
The mockup is purposefully large to give visual distinction between locations. It could instead be more compact, but this worked for an example.
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