General matchup info

tl;dr - She's not strong, but don't let that stop you

Overview

If you are concerned with picking the best character for specific matchups, then Labrys will rarely be your go-to counterpick (unless it's against Akihiko)

While Labrys did see some improvements to her consistency and combo routing, she remains a low-to-mid tier, and is still generally outclassed by nearly everyone in terms of pressure, neutral tools, mixups and ease of use. What she does have is solid damage and punish combo potential if you play consistently and make solid reads, although against the top tiers, being able to take advantage of this is rare.

Also be aware that while nearly everyone in the cast benefitted from the persona invulnerability changes, Labrys did not, as the way her persona normals work still allow for Ariadne to be destroyed before it matters. It also makes approaching opponents far more difficult, as you can't destroy personas on the way in as easily. Combine this with no good ranged tools, and you get siginficant problem matchups with anyone throwing out attacks at range. Not having a proper reversal will also require much more patience and defence on your part.

However, if you enjoy the character and end up putting the time in to learn her, then you will still be able to compete with the best, and even have a slight advantage due to the general unfamiliarity with the Labrys matchup, but don't expect this to last.

In general, Labrys does well against those who cannot deal with her j.B or larger normals, or cannot disrupt her zoning tools such as orb. She will also do well against those with shorter/stubbier normals and DPs, and this allows her to pressure somewhat safely.

Examples of good matchups for Labrys are Akihiko and normal Chie. While they have fast 2Bs and decent speed, they can have trouble dealing with well-spaced normals. Shadow Labrys is also a relatively even match-up despite her being high-tier. While having mostly the same normals, Shadow Labrys can have trouble dealing with the extended hitboxes that occur when Labrys hits Asterius, and being able to jump/attack cancel on Asterius provides significant benefits to Labrys.

Significant bad matchups for Labrys include Margaret, Naoto, Yukari and Kanji. The first three are strong zoners that can quickly remove any momentum Labrys gathers and keep her out. Kanji also poses significant threat to Labrys at her preferred range, with a dp that can cause a lot of problems (although this can be mitigated by utilising persona moves more than normal), and D grab that will punish most of her axe normals. Another notable common bad matchup is Yu - he has an incredibly strong 2B (head invulnerable from frame 5), along with normals that can contend with Labrys in neutral, and pressure that's scary at the best of times, let alone when you don't have a functional dp.

Labrys will also struggle against all the high tiers in general due to generally being less consistent, and having to use resources to deal with trickier pressure. That being said, if you do manage to gain momentum or get in someone's head, you can end matches scarily fast.