Yes. And No.
Here's what really happens.
You have a tape labelled 'MyBackups'
You do backups to that tape. The header keeps track of the backups on the tape and Backup Exec catalogs the information. The catalog shows x backup on whatever date on MyBackups.
Now you change the label to 'MyTape'.
As far as Backup Exec knows, there aren't any backups on 'MyTape'. It shows all the backups are on 'MyBackups' which no longer exists.
When you try to restore a previous backup, Backup Exec will look for a tape with the label 'MyBackups' and it won't be able to find it.
So effectively the labelling does erase the tape.
-SQLBill