First, thank you so much for your attention!
Second, you are correct that the issue (as I described it) is fixed!
Third, there is a related bug, and I hastily conflated the two.
The steps to reproduce the (new) problem are thus:
1. Launch yEd
2. Drag Ellipse from Shape Nodes to canvas
3. Edit properties
a. set Placement = Edge Opposite: Dynamic
b. set Text = Foo
NOTE: Foo appears inside the ellipse (as expected)
4. Select the Ellipse
5. ^C copy
6. ^P paste
7. Edit properties
a. Change Text from Foo to Bar
b. NOTE: Placement is Edge Opposite: Dynamic
NOTE: Bar appears inside the ellipse (as expected)
8. drag a connector from Foo to Bar
NOTE: The Foo label has popped outside the ellipse (as expected)
NOTE: The Bar label remains inside the ellipse (the bug)
== GIVING CREDIT WHERE CREDIT IS DUE ==
9. Select the Bar ellipse
10. ^D duplicate
NOTE: A new ellipse appears (Bar'), connected to Foo
NOTE: The Bar' label appears outside the ellipse (your recent fix)