high labor for water pump/thermostat?

[Frodo]

Seems pretty steep to me. The "Porsche tax" rears its ugly head.

These are regular maintenance items—IIRC, I've heard it recommended that they be replaced every 3years. I don't do it that often by any means, but it apparently can be bad if you let them go until they fail and you get little pieces of impeller blade material floating around in your cooling system. Obviously I don't know your experience level, but if you're at all inclined, this isn't a terribly difficult DIY. Plenty of youtube vids showing how.

[78F350]

That's more than I'd expect, but not unreasonable if you add parts and coolant in with a full mark-up price. Water pump and thermostat with a "Porsche" stamp plus a couple gallons of virgin unicorn blood to refill the cooling system.
As long as they used top end parts, I'd say it's acceptable. If they substituted cheap parts and coolant, I'd complain.