Archicad will automatically label doors and windows on elevation views, but as for all materials automatically labelled, what a potential mess!
This is really a drawing management issue rather than a technology issue because, while you are right that once a material is assigned, the data should reveal itself, but to graphically organize this with automation is impossible.
I use two methods for organizing drawing data, both within a template made specific to a given building-type:
1: number lists, where all that appears on the drawing is a circled number - applied manually - referring to an adjacent list that lives in my layout template.
2: Hierarchic assembly lists related to the composite assembly of the building element (See Composite structures) that also live in the layout template.
Archicad responds to adjacent lists and numbered references much better than to individually-placed labels because when the building design is edited, there's less to later manually move in the drawing.
Dwight Atkinson