Ok, I've done the following (the better way than JS).
1. Added the following method to XLite/Module/QSL/ColorSwatches/View/Product/AttributeValue/Customer/Select.php
PHP Code:
protected function getSwatchName(\XLite\Model\AttributeValue\AttributeValueSelect $value)
{
return $this->getOptionTitle($value);
}
2. In template customer/modules/QSL/ColorSwatches/product/attribute_value/select/body.twig added the following line
Code:
<h6> {{ this.getSwatchName(v)|raw }} </h6>
just after this line
And I got the following (screenshot attached).
You can play with CSS a bit to make it look different, but the idea is here.