Break up posts per page in two sections

I think you’re making this more difficult that it should be,

If I understand correctly you want to display the latest 4 ‘videos’ which have been flagged as ‘our work’ in your first column and those flagged as ‘featured film’ in the next column, so you should actually add that custom field parameter to your query,

$args = array(
  'post_type' => 'videos',
  'posts_per_page' => 4 ,
  'meta_key' => 'labeled_as',
  'meta_value' => 'our work'
);
$loop = new WP_Query( $args);
while ( $loop->have_posts() ) { 
  //display your work videos
}
$args = array(
  'post_type' => 'videos',
  'posts_per_page' => 4 ,
  'meta_key' => 'labeled_as',
  'meta_value' => 'featured film'
);
$loop = new WP_Query( $args);
while ( $loop->have_posts() ) { 
  //display your featured videos
}
/* Restore original Post Data */
wp_reset_postdata();

Notes:

1. Reset your postdata (last function call in the above example) this is important to ensure WP request continues as normal with the rest of your page.
2. Instead of using a custom field ‘labelled_as’ for your organising your ‘videos’ I would recommend you use a custom taxonomy, this would allow you to leverage a lot more WP functionality at a later stage of your site development!