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Purview DLP supports a "block" condition for labeled files, so it's easy to configure a block for items with specific label. In a nutshell: choose the label(s) you want the policy to apply to, create a new DLP policy scoped only to Copilot, create a rule with the "Content contains > Sensitivity labels" condition, choose the Restrict Copilot from processing content action, configure the rest as needed.
NOT conditions are not supported for Copilot rules, so you cannot use the "opposite" approach.
Here's the relevant documentation: https://learn.microsoft.com/en-us/purview/dlp-microsoft365-copilot-location-learn-about#block-files-and-emails-with-sensitivity-labels-from-being-processed