Microsoft Purview Information Protection showcase of new capabilities at Ignite

michaelopait "We are not able to see the Sensitivity with the latest Acrobat Reader for a Word document that was labelled in MS Word and converted to PDF." 

It should work, assuming the label metadata is written properly to the output PDF. I think there’s a flag to enable displaying labeling in Reader. Please follow the steps outlined in this article: Microsoft Purview Information Protection support in Acrobat (adobe.com). If it still doesn't work after you've followed these steps, then try to open the doc in the AIP Client. If the AIP Client doesn’t show the label, then the document isn’t labeled.

For "Also, I believe users can only change or apply a Sensitivity in Acrobat if they have the Standard/ Pro versions that come with the Protection addon? "

This is correct.