In the case of your label snippet, it doesn't really matter. I would go for the simpler syntax (plain HTML).
Most helper methods also don't allow you to surround another element. This can be a consideration when choosing to use/not use one.
Strongly-Typed Equivalents
However, it's worth noting that what you use the @Html.[Element]For<T>() methods that you gain important features. Note the "For" at the end of the method name.
Example:
@Html.TextBoxFor( o => o.FirstName )
This will handle ID/Name creation based on object hierarchy (which is critical for model binding). It will also add unobtrusive validation attributes. These methods take an Expression as an argument which refers to a property within the model. The metadata of this property is obtained by the MVC framework, and as such it "knows" more about the property than its string-argument counterpart.
It also allows you to deal with UI code in a strongly-typed fashion. Visual Studio will highlight syntax errors, whereas it cannot do so with a string. Views can also be optionally compiled along with the solution, allowing for additional compile-time checks.
Other Considerations
Occasionally a HTML helper method will also perform additional tasks which are useful, such as Html.Checkbox and Html.CheckboxFor which also create a hidden field to go along with the checkbox. Another example are the URL-related methods (such as for a hyperlink) which are route-aware.
<!-- bad -->
<a href="/foo/bar/123">my link</a>
<!-- good -->
@Html.ActionLink( "my link", "foo", "bar", new{ id=123 } )
<!-- also fine (perhaps you want to wrap something with the anchor) -->
<a href="@Url.Action( "foo", "bar", new{ id=123 } )"><span>my link</span></a>
There is a slight performance benefit to using plain HTML versus code which must be executed whenever the view is rendered, although this should not be the deciding factor.