Thanks for this.
I’m still outputting nothing for the label though. With this block of code, I can happily output the $color_scheme_parent variable, which is the value set from the select list, but not the label:
<?php
/*
* Displaying a single value's Label
*/
$field = get_field_object('color');
$value = get_field('color_scheme_color');
$label = $field['choices'][ $value ];
?>
<p>Color label: <?php echo $label; ?> Parent color: <?php echo $color_scheme_parent; ?></p>