This answer is not useful at all.
The question was about text labels in a component visualizer. It is a perfectly valid intention - sometimes you need to visualize something only in Blueprint editor viewport, but not in game, and you may need some text labels. Component visualizer is the correct place to do it.
Component scene proxy is used for rendering in game. But having debug rendering code in gameplay component may be undesirable for performance reasons or for code clarity reasons.
Besides, it is not clear how to render text labels via scene proxy (I wonder if it is possible at all?) For text labels, you usually need an FCanvas (or a HUD, that internally uses FCanvas). Functions like DrawDebugString() use a debug HUD connected to PlayerController, but it is available only in game, not in BP editor viewport.