In the newly released version 1.0.91 of Teams for iOS it was announced that it now supports Sensitivity Labels for your Teams:
(Sorry that the screenshots are in Swedish, you’ll have to trust me or translate it 😀)
I first tried to create a Team before I upgraded the Teams app, and I did not see any option to select Sensitivity Labels:
I then updated Teams to the new version, and sure enough, I could now select the Sensitivity of my new Team:
Always great to see Microsoft Information Protection getting adopted in more and more places.