When using the Label Point Coordinates tool and referencing to a defined Auxiliary Coordinate System (automatically available by selecting a geographic datum), there is no way to alter the output format of the data. As shown, a Geographic coordinate only displays as Degrees-Minutes-Seconds, and always to 4 decimal places. Plus, in a 2D model it still gives a Z elevation value, which is always 0.0000

The entries to define the accuracy and units is grayed out. For units it would also be useful to be able to choose D-M-S.S or DD.DDD or even DD-MM.MMM as output formats on geographic auxiliary coordinates. (have not tried other grid coordinate systems yet for units & accuracy)

Simplest may be to allow the tool to reference Dimension Styles for the angle format of Geographic coordinates.