customLabel

Create the Custom label like below: 

Custom Label name: CS_ContactIntake_Introduction_English_Info_Text_4

value:  Hello. My name is <b class="ny_capitalization">{0}</b> and I am calling from the Colorado Department of Public Health and Environment.

formatLabel.html

<lightning-formatted-rich-text
    value={CS_ContactIntake_Introduction_English_Info_Text_4}>
</lightning-formatted-rich-text>

formatLabel.js

import CS_ContactIntake_Introduction_English_Info_Text_4 from '@salesforce/label/c.CS_ContactIntake_Introduction_English_Info_Text_4';


export default class FormatLabel extends LightningElement {
  CS_ContactIntake_Introduction_English_Info_Text_4 = CS_ContactIntake_Introduction_English_Info_Text_4;
}


connectedCallback() {
  ......
  ......
  // apex calls if required
  this.formatLabels();
}

formatLabels() {
  this.CS_ContactIntake_Introduction_English_Info_Text_4 = this.CS_ContactIntake_Introduction_English_Info_Text_4.replace("{0}", ....);
}