Yes you can give parameters to the text widget. See details in the documentation here: https://docs.mendix.com/refguide/text#parameters
For label, see this https://docs.mendix.com/refguide/common-widget-properties#label
Its same in both cases and pretty simple. Just write your text with placeholders for values e.g.,
This is first value: {1}, this is second value: {2}
You can specify attributes for the {1} and {2} placeholders so when you open the page you will see these placeholders in text being replaced by dynamic values from the attributes of entity
as per Umar and me too. Hope this screenshot will make your work easy.