Ohh  yes.....  very easy  to  "toggle  labels"
same  goes  with the  "cone".
I  use them,  because  of  bad  eyes,  and  it helps me a bit , and  if your  on my  wing...  it'll help you  survive  too !

what  setup  did  you choose  for  the  controls ?

I  came up thru the CFS series ,  so I  use 
the           flight  sim configuration
and   " U" toggles the cone.
         " N" toggles the names.