I forgot to say that my best vote would of course be for the label line being lowered vertically 1 cm, which as I say would not change the audacity track default height and would always let all labels visible whatever the track overlay, transparent or not.
That’s a bit awkward as there are already “on hover” tool tips over most of the panel.
Currently Audacity does the opposite - the first label is lowered to make room for the name. This works fine unless you have multiple labels near the beginning of the track and a massively long track name. It also has the benefit that the name overlay is visible even if the track is collapsed vertically to minimum height, whereas if the name overlay was lower it would become hidden. As is often the case, there’s an element of compromise required.