Thanks for the feedback! When the scope was limited to a single project file, it was possible to have this as a preference checkbox, and we did. However, in a Production it is not possible to have it as a preference, because it could then be turned on and off at any time, by anyone, and create all kinds of problems across the production depending on which projects were open and which were closed at the time the preference was toggled. Even as a solo editor, you would see inconsistencies if you ever changed your mind and toggled the preference again because it wouldn't be able to apply immediately to the projects you don't have open.
Therefore we had to choose: should label colors be allowed to sync from the media project to the timeline project? If we said yes, that would mean you would not be able to change the label color in a timeline without also opening the project containing the source clip. For many workflows that rely on different label colors in the timeline for different meanings, that was a non-starter. So for now we went with the option that label colors do not sync. This leaves you with the flexibility to change them at will in the timeline, without stepping on other timelines in other projects.
Of course, if your workflow did not use labels in this way, I understand completely how it can be frustrating. The problem really comes down to how widely differently people use label colors. We are exploring other solutions to this in the future, for example allowing you to force a sync from bin to timeline to update any label color changes.
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