We could refer to the official document which introduces about Permissions required to create and manage sensitivity labels
By default, global administrators for your tenant have access to these admin centers and can give compliance officers and other people access, without giving them all of the permissions of a tenant admin. For this delegated limited admin access, add users to the Compliance Data Administrator, Compliance Administrator, or Security Administrator role group.
Alternatively to using the default roles, you can create a new role group and add either Sensitivity Label Administrator or Organization Configuration roles to this group. For a read-only role, use Sensitivity Label Reader.
Try manually adding the permissions above to your account and verify the result again.
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