An initializer overload which also pushes an environment value on toggle status to the toggle's label.

Toggle+Label.swift

import SwiftUI

struct IsToggledOnKey: EnvironmentKey {
  static let defaultValue: Bool = false
}

extension EnvironmentValues {
  fileprivate var _isToggledOn: Bool {
    get { self[IsToggledOnKey.self] }
    set { self[IsToggledOnKey.self] = newValue }
  }
}

extension EnvironmentValues {
  public var isToggledOn: Bool {
    get { self[IsToggledOnKey.self] }
  }
}

struct IsToggledOnModifier: ViewModifier {
  let isOn: Bool

  func body(content: Content) -> some View {
    content.environment(\._isToggledOn, isOn)
  }
}

extension Toggle where Label == ModifiedContent<SwiftUI.Label<Text, Image>, IsToggledOnModifier> {
  public init(_ titleKey: LocalizedStringKey, systemImage named: String, isOn: Binding<Bool>) {
    self.init(isOn: isOn, label: { SwiftUI.Label(titleKey, systemImage: named).modifier(IsToggledOnModifier(isOn: isOn.wrappedValue)) })
  }

  public init<S>(_ title: S, systemImage named: String, isOn: Binding<Bool>) where S: StringProtocol {
    self.init(isOn: isOn, label: { SwiftUI.Label(title, systemImage: named).modifier(IsToggledOnModifier(isOn: isOn.wrappedValue)) })
  }

  public init(_ titleKey: LocalizedStringKey, image named: String, isOn: Binding<Bool>) {
    self.init(isOn: isOn, label: { SwiftUI.Label(titleKey, image: named).modifier(IsToggledOnModifier(isOn: isOn.wrappedValue)) })
  }

  public init<S>(_ title: S, image named: String, isOn: Binding<Bool>) where S: StringProtocol {
    self.init(isOn: isOn, label: { SwiftUI.Label(title, image: named).modifier(IsToggledOnModifier(isOn: isOn.wrappedValue)) })
  }
}

extension LabelStyle where Self == ToggleLabelStyle {
  public static var toggle: Self { .init() }
}

// Customize our Toggle's Label here, we can even see if it is toggled on!
public struct ToggleLabelStyle: LabelStyle {
  @Environment(\.isToggledOn)
  private var isOn

  public init() {}

  public func makeBody(configuration: Configuration) -> some View {
    Label {
      configuration.title
    } icon: {
      configuration.icon
    }
    .foregroundStyle(isOn ? .green : .primary)
  }
}

struct ContentView: View {
  @State
  private var isOn = false

  var body: some View {
    VStack {
      Toggle("Test toggle", systemImage: "gear", isOn: $isOn)
        .labelStyle(.toggle)
    }
    .padding()
  }
}