Yes, in WooCommerce Product RMA the admin can generate and upload a new shipping label for a requested RMA by the customer to exchange a product. The customer can then see the available shipping label and can print the shipping label from his account under RMA > RMA details > Manage > Print Shipping Label to return the product.
Please follow the user guide for more information WooCommerce-Product-RMA
Please do contact us for any further queries or requirements. You can also check our Woocommerce Extensions for additional features.