PowerApps - How To Check Whether The Current Form Is EditForm Or NewForm

I have automatically generated an app using PowerApps named TestApp in a custom SharePoint Online list. Here, you will see how to check if the current form is EditForm or NewForm.

Edit the app in PowerApps Studio and navigate to EditScreen1.

Click "Insert" tab and add a label to the screen.

Update the label Text property with If(EditForm1.Mode=FormMode.Edit,"Edit Form", "New Form") in the formula bar. 
Save and publish the app.

You will see the label text updated based on the current form mode.