"Flip
Allows you to flip objects horizontally or vertically. You have the option of also flipping the text
position and / or the target field positions."
I have a MS channel object with Target ID in the center, and Intensity and Status below it. I flipped it vertically with all four combinations of the two options and the result was the same each time: Intensity at the top, Status at the top but underneath Intensity, and Target ID in the middle.
Note: If you flip an image, the image itself is rotated but not flipped. This makes sense from an ease of programming standpoint (because you wouldn't want text to be reversed) but is not documented.