When creating a line chart, I'm seeing "50th Percentile of [Fieldname]" for labels, like this:
If I set a custom label, it only changes the ".. of [Fieldname]" part- in other words, it doesn't seem to be possible to get rid of the "50th percentile of" text. In the example below I set the custom label to literally "custom".
This seems to be unique to the median type- with the others, a custom label will overwrite the entire label. Here's an example with 'minimum':
I tested and this is true on 'area' and 'horizontal bar' graphs too.
I'm on 7.6.