Question Cheapest way to draw a LOT of text labels in-game

Hey!

Does anyone have any good ideas for cheap solutions to drawing button labels ingame? Think Microsoft Flight Simulator, where every. single. button. has its own little text label. I'm sure they paint it on the texture, which would be the cheapest solution by far, but I'm looking for something a little more dynamic.
I have been considering many different approaches, but they all hike up my batch calls. Even considered using GPU instanced 3D letters.
Anyways, it made me curious about if someone else might have tackled this issue?
Any advice is welcome.

Cheers!