There seems to be a workaround, if you set PM up like this. Then in C1, have prefs Image -> Metadata -> Full sync with both option boxes ticked.
The only thing that doesn't work is if you use labels #4 or #8, they show up as 'none' in C1, and if you set the color to purple in C1, PM will force it back to pink.
This is something that Phase is doing oddly, but it's a way to get it working for now.
Hope this helps someone.
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