Sort of. You can't limit labels to a project, they're global for the field and don't care what project they're used in.
But, you can add a new field of the type "label" and limit it to one project (or a set) - that makes it independent of the global labels.
or you can try out Label Manager for JIRA https://marketplace.atlassian.com/plugins/rs.codecentric.label-manager-project/server/overview it lets you also project based define the items.
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