Hello Ilias
The mpls ldp label command enables a feature called local label allocation filtering, which selectively allocates local labels for a subset of the prefixes learned from the IGP. The purpose of this command is to keep the size of the local label space low, as well as to limit the number of advertisements to peers. This in turn increases the scalability for especially large networks.
The mpls ldp advertise-labels command does not affect the number of bindings internally on the MPLS router, but simply affects what is advertised. This reduces the number of advertisements to peers, but does not affect the local allocation of labels.
As in the case that you posted, the result may be the same as far as what MPLS neighbors see, but there is a difference as far as how the local router records the remote label bindings.
For more information about local label allocation filtering, take a look at this CIsco documentation:
For more info about the mpls lda advertise-labels command, take a look at this informative Cisco learning network thread:
I hope this has been helpful!
Laz