It might be. It might not. It's going to depend on the screen reader and the platform and whether you ask me that question now or in 6 months. I read the algorithm for the computation of text that Aria's spec provides and it's not exactly simple. Or short, for that matter. It almost certainly works with NVDA and Firefox, and I'd be willing to bet quite a lot that it doesn't work well or at all with Voiceover on OS X. To get some idea, consider all the HTML5 features and how long it's taking for them to all be consistently implemented everywhere. Now cut the user base down to like 1% and factor in the fact that Jaws is money-driven, hasn't done anything major in years, has their hooks in with governmental agencies, and is still the most popular screen reader.
I'm sorry if I'm snappish here. Sighted devs find Aria and then assume that it's the end-all and they can go right ahead with whatever practice is causing the problem in the first place, which is why we have things like Angular.js that provide no end of trouble without special extensions. The problem with Aria is that it is almost exclusively for accessibility. As a consequence, it's actually really fuzzy where the browser's responsibility ends and the screen reader's responsibility begins; the implementation involves both. Basically, it's assumed that if you're using Aria you know what you're doing, so the end user can't usually override this. In fact, overriding application role took a very large discussion on the NVDA tracker, and is still a major problem. Aria-label is relatively safe, in that the way it's likely to fail is simply that the screen reader doesn't respect it, but going beyond that will almost certainly cause you to start running into bugs that may render something marginally usable unusable, or "fix" something that worked fine in the first place into a state where it doesn't anymore.
The real fix to these problems is to get people back onto the content and presentation separation idea and off the CSS and Divs for everything; if I could figure out how to do this, I would be very happy. When Aria comes up, however, sighted devs tend to use it as an excuse to go right ahead without any actual testing with the technology that Aria is supposed to make you work with, like Aria is some sort of magic super sauce of fixing.
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