No, HTML does not allow a <label> to contain a <div>.
See the specification for the label element:
Content model:
Phrasing content, but with no descendant labelable elements unless it is the element’s labeled control, and no descendant label elements.
Where phrasing content links to:
Phrasing content is the text of the document, as well as elements that mark up that text at the intra-paragraph level. Runs of phrasing content form paragraphs.
a abbr area(if it is a descendant of a map element)audio b bdi bdo br button canvas cite code data datalist del dfn em embed i iframe img input ins kbd keygen label map mark math meter noscript object output progress q ruby s samp script select small span strong sub sup svg textarea time u var video wbr text