The Label Contours by Crossing can be used to label the elevations of any polyline or linestring objects not just contours - where the crossing line crosses the selected lines it will create a text item for the elevation and the text style is set to “White Out” that creates what looks like a break in the line - the line however is left intact.
Note that this only works for lines that have a constant elevation, if the lines have variable elevations along their length the command does not interpolate the elevation at the crossing point or anything like that - I guess this is a question - would that be useful in any way for labeling any objects that did have variable elevations like Top Back of Curb or Flow Line etc?
Let me know