As others have said, hide glue ( also called pearl glue) is the best option . Titebond makes a liquid hide glue that works great.
I have removed labels where PVA glue was used, and it is very, very difficult to remove the label without some damage.
Modern spray adhesives, while easy to use, do not work well in the long term. Most cases of any vintage have absorbed oils and solvents over the years, both in the wood, as well as the fabric. Eventually the oils/solvents will render the spray adhesive a sticky, greasy mess, and the label will not stick to the fabric.
