When the label view is set to be EXTERNAL:
The ADMIN_LOW label or its site-specified equivalent name is not shown, and the minimum valid label of the same type is shown instead, and
The ADMIN_HIGH label or its site-specific name equivalent is not shown and the maximum valid label of the same type is shown instead.
Keep in mind that the binary label remains the same whichever view is specified and that the label view only determines whether the defined name of an administrative label is replaced by an alternative name when it is displayed.
The option for setting the default label only affects whether the name of another label is substituted for the name of either administrative label.