In a vacuum a list is preferable, but I doubt that's possible in the vast majority of cases. Take the label you linked: space on packaging is limited, so you can't just make it run on forever. You could divide the list in multiple columns (with clear dividers to make the reading direction unambiguous), but some words are much longer than others ("PEG-120 Methyl Glucose Dioleate" vs "Allantoin"). You can't reorder the list either because the order is legally mandated.

You might be able to make a multi-column list where most list items run for multiple lines, but that isn't that much better than the block of text and still takes up more space (space better used for branding)