Due to lack of free time, I hadn't been able to use it myself in my own flows... So I started using it tonight, and I was very surprised that our node didn't show the label (of the selected value) in the node status.
So I have added this feature on Github in version 1.2.3:
It would be nice if some folks could install this beta version from Github (within their .node-red folder):
npm install bartbutenaers/node-red-contrib-ui-multistate-switch
Perhaps I have overlooked something, so it would be nice to get feedback whether it works fine in all cases.