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@Alyx Lyons if you're doing this manually as @marc -Collabello--Phase Locked- suggests you will benefit from mastering the keyboard shortcuts for labelling and navigating between cards as shown in this short screencast:
You can read more about Trello shortcuts here:
I know this is a bit late but just in case for another who lands on this thread looking to learn about bulk updates in Trello.
You can perform bulk updates using the Table View Power-Up: https://trello.com/power-ups/61f4c0464f8522341a806b89/table-view-spreadsheet-and-bulk-actions
It's handy because it also allows you to search and filter for specific cards.
It's free to use for 7 days and it'll cost only $1 per month - which is significantly cheaper than the other offerings on the Power-Up marketplace.
What's cool about this $1 subscription is that it also gives you access to all of my other Power-Ups listed here: https://tinypowerups.com