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I too color code my documents as per progress. My “labels” are my actual status system.
I too did clone my labels list in the “status” field, but the only case where I use that is when I have a document that is printed for longhand editing etc. “Printed” is a color coded “label” so that I don’t work on the document in Scrivener to no avail. The status mirrors the label so that I know what label to set it back to when done with the print. Nothing more.