If you want this then use the Label Points command- this allows you to select any number of points and label them with a user defined label that can include Point ID, Code, Elevation, Northing, Easting, Attributes, a Custom Symbol and more - you can set up different styles to suit what you are trying to do. You can label as many elements on each point as you need i.e. Point ID, Code, Elevation etc.
Selecting all data with certain attributes can also be done using Advanced Select if you want to label just points with certain descriptions etc.
When you use this approach it actually places Text in the drawing using a Defined Text Style - this allows you to set the Height of the Text in Ground or Sheet Units depending on how you want these to appear in Plan Graphics and in Sheet Plots.
The View Filter Controls to turn on the ID, Code, Description are just a Global apply to all points quick label display and is not intended for Drafting purposes. Use this until you are nearly ready to Plot and then apply your Point Labels.
Your Feature Code File can also be set up to display Labels for Points based on their Feature Codes, so that when you import SPJ files from SCS900 you can draw the labels at the same time as your linework and synmbols etc.
Hope this answers the question
Alan