The dress certainly appears to be 1920s from what I can see. The armhole looks atypically deep, but that is possible.
But that label style doesn't look 20s - the font style isn't right. Where is the label inside the garment? Modern placement is usually center back neckline. 1920s placement would be low on a side seam, on the waist seam or even on the hem.
I wonder of this is a later label added to an older dress? I knew vintage dealer who added her own label to all her goods, so I wonder...
Hollis