The flame is hotter, but glass and wax shouldn't be getting anywhere near 700° A correctly wicked candle helps prevent the glass from becoming too hot.
If a candle is badly wicked, and the flame makes the glass too hot, for any reason, the glass could shatter. That would make the entire candle including any label, material, and all of the wax a hazard. Paper or plastic based labels would be sensitive to heat as well.
I test my candles throughout the life of each to make sure my glass temperature, melt pool, wick, flame size, are all in line. I'm good with that.