I'd say that idea is that the "local labels" don't really matter from the point of view of trying to understand the way the states are correlated. You often care, in this context, about the "quantumness" of the correlations.
In the scenario you mention, Alice will be able to fully predict Bob's outcome from hers, provided they coordinate beforehand. If the shared state is $\sum_i|u_i\rangle\otimes|v_i\rangle$ (which any maximally entangled state is), then Alice measuring $|u_i\rangle$ means she know Bob will/did measure $|v_i\rangle$. Or in other words, if she measures the $i$-th outcome, …