Given the example:
inline string &GetLabel( ) {
return m_Label;
};
Where m_Label is a private class member variable.
You're are correct. It's a reference to the string member.
The implication will be that if a caller were to assign a value or otherwise modify the returned string that they would also be modifying the member variable. If this is not the intent you may want to return a copy by value to avoid breaking encapsulation.