To remove only the edited labels or those you have created with the Label command:
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On the MAP tab, in the Label group, click Clear Custom to remove the labels. You will be prompted to discard the custom labels and revert back to the default settings.
This operation clears all custom labels from every layer in the map.
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Click Discard. Your labels will revert back to the automatic labels. If you do not want any labels to display, turn Visibility off.