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On a drive with a GPT partition table, when creating a new partition, one can set both a Partition Label and a Partition Name.
The Partition Name is only available on GPT drives. It is saved within the GPT partition table. Within KDE, this name is used in the Device notifier.
The Partition Label is stored within the drive itself. It is used by various linux sub-systems (fstab, grug) to identify partitions by label.