I think this will depend somewhat on the engines/viewers you need to display the model. Many realtime engines may have limitations like not showing one transmissive material ‘through’ another transmissive material. Nesting transmissive liquid within transmissive glass will be a challenge for some engines, you may need to check on the engine’s rendering capabilities.
Alpha cutout/mask would be a much safer choice for the labels than alpha blending, if possible, alpha blending introduces sorting challenges in many realtime engines.