No, that's not it. I already enter coordinates in degrees format, as in ddd.ddddd, not degrees/minutes/seconds, but degrees only.
What I mean is that you can, when doing so, also put parenthesis on the end with a "friendly name" and then the spot is referenced by this friendly name, rather than just "some spot on the map." So in other words rather than just searching for 34.6056 -92.6192 you would search for 34.6056 -92.6192 (Home) and then when it showed the spot on the map you'd see "Home" by the balloon "pointer" icon, rather than the numbers or "spot on map" or whatever. Also, if you "starred" it to make it a "My Places" listing, then the listing would have "Home" as the label. Now, it just has the digits.
(This is apparently a workaround that someone found a while back, during a time when Google Maps removed the ability to specifically rename a favorite, a STUPID feature to have removed, and I mean just STUPID.)
Apparently the PC/web version of Google Maps, unless you revert to "classic," works like this too, and someone said this preview version doesn't have all the classic features. This is a feature that MUST make its way once what we now call "preview" replaces "classic" and becomes the new norm. This is a MAJOR missing feature, enough I'd even uninstall Google Maps from the phone and use something else (like Bing or whatever if there's an app). In the meantime, I've uninstalled the updated Maps on my phone and had it revert to the factory version, and it's staying that way until this is addressed.