Accessibility problem with aria-label and aria-hidden

Accessibility Audit Guide
1 
<li key="getprivacySectionView" className="nav-item dropdown header-privacy">
  <button
    className="nav-link btn"
    onClick={this.trustArcPrivacyLink}
    aria-label="Opens Dialog Privacy"
  >
    <span className="dropdown-list-text">Privacy</span>
  </button>
</li>

I need to achieve in focus mode (tab focus) the screen reader should read text present in aria-label but in browse mode (arrow keys) the screen reader should read the actual text present in span tag which is “privacy”.

2

Use aria-labelledby in combination with visually hidden text:

<li key="getprivacySectionView" className="nav-item dropdown header-privacy">
  <button
    className="nav-link btn"
    onClick={this.trustArcPrivacyLink}
    aria-labelledby="privacy-text privacy-description"
  >
    <span id="privacy-text" className="dropdown-list-text">Privacy</span>
    <span id="privacy-description" className="sr-only">Opens Dialog Privacy</span>
  </button>
</li>