Using three input controls and a collection, you can solve your issue. When the value of the ComboBox changes, perform a clear collect to keep track of which products are selected. I am collecting Product and Upload. The Upload column of this collection will be used to build the string in the status Label.
ComboBox (Products)
Items: ["Product A","Product B"]
OnChange: ClearCollect(Status, ForAll(Products.SelectedItems, {Product: Value, Upload: If(Value="Product A","A","B")}));Reset(OptionA);Reset(OptionB)
Toggle1 (OptionA)
OnCheck: Remove(Status, LookUp(Status,Product="Product A"))
OnUncheck: Collect(Status, {Product: "Product A", Upload:"A"})
Toggle2 (OptionB)
OnCheck: Remove(Status, LookUp(Status,Product="Product A"))
OnUncheck: Collect(Status, {Product: "Product A", Upload:"A"})
Label (Status) - I chose not to use a dropdown here. If that is a hard requirement you would need to define the choices, then select the appropriate choice using the same logic below
Text: If(CountRows(Status)=0, "No Actions", If(CountRows(Status)=2, "Upload "& Concat(Status, Upload, " & "), "Upload "&First(Status).Upload))
For fun, I displayed the toggles for Option A Complete and Option B Complete conditionally based on the Product Selection.