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Ifonlyiwerebelgian
While the polls will likely narrow during the election campaign, if Labour were to win such a massive majority (which Electoral Calculus currently has at 284) I think there would be serious risk of the party cleaving in two.
Looking at the way the Tories have fallen prey to right-wing factions which certainly outweigh the Conservative working majority of 55, or casting further back (and closer to home) to the fractiousness of Labour under Corbyn (with Change UK etc), it is not hard to imagine that after such a stomping victory many members would want to take advantage of situation, while a cautious Starmer attempts to reign them in.
Existing MPs with Corbynite-views - presently suppressed or otherwise - would begin agitating for strident left policy, while Starmer, old Blairites, and a swathe of new Labour MPs selected by Starmer's party machinery remain congregated around the center ground. The most leftward leaning would begin by disrupting centrist policy making before eventually deciding that Starmer's Labour does not represent their views and breaking away, leaving a centrist Labour rump, and renaming themselves 'the Real Labour Party' (but only because 'Socialist Party' is already taken).