Placeholder Labels hides all Profile Builder form labels and adds for each form field a placeholder with the title of the field. This can help you reduce clutter on the page, or shorten the length of your forms.
This setting will hide all labels and it will not remove them.
In order to replace form labels with placeholders you just need to enable the setting in Advanced Settings in the Forms tab.
After you enable the setting all Labels will become Placeholders.
In Profile Builder Pro you have the Multiple Registration Forms and Multiple Edit Profile Forms modules that you could use to create custom Registration and Edit Profile Forms for different user roles with different Extra Fields Types.
To enable or disable the Placeholder Labels option on these forms go to your Custom Registration / Edit Profile Form and inside the Placeholder Labels tab set it to Yes or No.
This add-on will work on all RTL languages.