Custom Labels & Values in Select, Radio and Checkbox Form Fields

You can use the pipe (‘|’) to differentiate between label and value
If you use a pipe (‘|’) character in an option value, the part before the pipe will be used as the label, and the part after the pipe will be the actual value. 

You can use this method in a Select, Radio buttons and Checkbox fields.

The backend will look like this:

And the frontend will look like this:

Learn more about the Form Widget and its options here.