Having the label say "cable" is not wrong. In this case whether you use cable or satellite, it's the same, to imply the connector should be used for cable (or satellite) connection. They are one and the same and just wanted to keep the label wording short (I think). I went ahead and labeled mine with Sat In and Sat out, just to avoid any doubt for me.
My older model rig does not work the way CruzerDoc describes, so please note, you'll need to decide whether this works for you or not. Then as new technology keeps getting added to rigs, then connections will vary once again. I wonder when HDMI cables will get added into the mix. Can you imagine the possibilities?
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