@ Wolfstriked
If you play with label dots (I do the same) just stick with it and don't cycle labels, it will be a lot better for immersion.
If you stay in formation you should know where your leader is. Once the formation is broken, most of the time by a dogfight, it's sort of "free for all" from then on. Sometimes you can reform after the fight if the planes have not been scattered too far away from each other and you can see them or the dots, most of the time I decide to fly home on my own.