On one level, it's possible, and that's when dealing with translated labels based on user locale.
What you're proposing different. As a design choice, this pattern is understandable under some circumstances in other platforms where perhaps optimizing for storage is a goal.
However in the multi tenant custom object/field model, this kind of optimization doesn'...
If you are looking to show a field in both layouts with different-2 labels.
This feature is not available at the moment.
But if you want to see this field is read-only in different page layout, you can create a formula field for another page layout with a different label.
I hope it will work.