This is used also for aircraft wiring and other harsh environments. It does not fade and does not come off. The cable remains flexible at the label.
Love it! Ive been doing something similar with a label tape and a UV resistant weather-proof clear tape over the top but its a faff. Though not as much of a faff as rewiring my cables with nice new booties..
Ive also used an electricians' method of coding using a combination of strips of coloured tape similar to some of the suggestions above I think. It works fine and doesnt fade significantly indoors (though the 'labels' [and your cables] gets as dirty as you let them) Drawback is Im the only person who understands the code..
Also, my cables tend to swap duties every so often and if I cant be bothered to take the old label off this can cause a different set of problems.