The answer is: it depends.
It depends 100% on the applications that you're using, and how they reference data paths (if at all).
It's more of an issue for server and background-based tasks than most graphical applications, but typically server apps run faceless and use some kind of configuration file to locate data sources. For example, if you're running a database server such as MySQL, it has a configuration file that tells it where to store its database files.
That configuration file will specify the full path to the data - something like "/Volumes/Data RAID/Directory/"
If you rename the disk then the server will no longer be able to find the data files until you update the configuration file.
This isn't a problem if you mount the disk/RAID under some mountpoint other than /Volumes (most people don't do this), and it isn't a problem for GUI-based apps where you choose which files to open, but background tasks might have an issue.
So, you need to consider the data that's on the RAID, and which applications/services use it in order to properly answer your question.