It depends on the construction of the device, but in general it is a risk. The problem is that most devices use two batteries in series, usually packed right next to one another. In that case, one of the batteries can side short—releasing a LOT of heat and potentially damaging the device. The labels DO have a safety function in that they make it much harder to accidentally short the battery, particularly when it is in some device. The best recommendation is to put tape over the battery so as to have the same coverage as the original label. Leave the two ends uncovered, but completely wrap the main body of the battery with exactly one layer of tape with no gaps.
If you want to use the batteries in other devices—make a new covering for the battery!
Failure to do so can result in device and/or battery damage.
Depending on the details of the specific device, you might get away with it, but it is not recommended that you try the test without really understanding what is involved.