I think it depends on the game.

Need something fast paced, where the options don't really matter? Go with just labels and don't show the script.

Need fast paced but it matters? Go with the other commenter's game that has a time limit while still showing scripts.

Slow and doesn't matter? Do what you like, it doesn't matter.

Slow and matters? Think Fallout: New Vegas - excellent script detail and what you choose makes a big difference