Requesting this get added to the api
function the_field_choice ( $field_id, $post_id ) {
$acf_field_object = get_field_object( $field_id );
$value = get_field( $field_id, $post_id );
echo $acf_field_object['choices'][$value];
}
I know this is an old request. Not very long ago I actually created some functions for getting or displaying field labels, including the labels for choices. People may find them useful. https://github.com/Hube2/acf-filters-and-functions/blob/master/acf-field-label-functions.php
