Yes, the { display:none } is better but not the best option for accessibility. Labels are also used by the blind person or low-vision person with the help of screen readers to inform users about the purpose of a form field. Use of display: none may cause the label to be entirely ignored by certain screen readers. It is preferable to visually keep them hidden while maintaining screen reader readability. Hence, use Label { position: absolute; }. This will hide it from the sighted users, but the screen reader users can access it.

And yes, labels play a crucial role in explaining to the user what the purpose of the form field is. Even if a field has placeholder text, it is not an acceptable substitute because screen readers may not always read placeholders, and they vanish when users input. Talking about SEO, the use of semantic HTML like <label> helps the search engines, such as Google, to understand your content in a better way. But the main benefit is accessibility, which also improves usability for everyone, and Google values that.