Pull Selected Choice Option Label

function findChoiceLabel(dataName) {
  var selectedChoiceValue = CHOICEVALUE(VALUE(dataName));

  var choice = FIELD(dataName).choices.find(function(choice) {
    return choice.value === selectedChoiceValue;
  });

  return choice ? choice.label : null;
}

SETRESULT(findChoiceLabel('choicefield'));

All you need to do is replace the 'choicefield' to the data name of the choice field in your app.

This next example demonstrates how to do the same as above, but for a Multiple Choice field.

function findChoiceLabels(dataName) {
  var selectedChoiceValues = CHOICEVALUES(VALUE(dataName));
  var selectedChoiceLabels = [];

  if ($choicefield) {
    for (let i = 0; i < selectedChoiceValues.length; i++) {
      var choice = FIELD(dataName).choices.find(function (choice) {
        return choice.value === selectedChoiceValues[i];
      });

      selectedChoiceLabels.push(choice ? choice.label : null);

    }
    return selectedChoiceLabels;
  }
}

SETRESULT(findChoiceLabels('choicefield'));

All you need to do is replace the 'choicefield'/$choicefield to the data name of the choice field in your app.