The short answer is NO to Python & Yes to a C++ AddOn. However, this a complicated question and there are several ways to approach this depending on your plan configuration and the types of labels used, what they are displaying and where they get their information.
Python can not access label info since they are actually a hybrid element in Archicad i.e. a label with a library object sub-type. There are 20 different label types in Archicad and access would depend on which one is used. The actual text info for labels is contained in another associated structure of "Element_Memo", which is not accessible at all by Python (at this time).
However, if you are gathering your label text through custom properties, all that info is accessible in Python and to Excel. A easy script to develop. I doubt that this is the case.
A Python script,however, can gather info from a AddOn via the ExecuteCommand function. This may be your best approach to develop a C++ AddOm to gather the label info and transfer it to the Python script for processing, as Python has a direct interface to Excel and the Web translators. Than transfer the info back to the C++ AddOn for processing. All this is very dependent on the complexity of your labels --- so nothing is definite.
As to the future development of Python,i doubt that much will be done in the near future. But Graphisoft will have to speak to that.
Windows 10 - Visual Studio 2019; ArchiCAD 26