OK, but you are editing the widget name, not the label.
Please look at the Status widget in edit mode, and you will see it displays three different options for the labels - On/Off, True/False and tick/cross. I am asking if there is any way to modify these labels to show customised text.
Clearly there is no option there to do this from the dashboard editor - is there any way to do this from code. Blynk is able to write text, change colour etc, and I want to know if Arduino is able to do similar.