In Premiere Pro, how can I delete clip portions that are between these labels?
Here's a dirty yet maybe effective method:


Create an adjustment-layer above your two video tracks, that goes from start to end.
Select all your pink labels and drag them up, effectively replacing those parts in the adjustment-layer.
Delete your still selected labels
Pull down the bits of the adjustment-layer into your main clip and delete them.


If I were to show this method to my testers in the final exam they'd probably chop my head off, but it's the easiest way I came up with so far.