BuddyPress.org

If you just want to change labels, you should use a language file.

Another approach, put in your bp-custom.php :

function sr_gettext_with_context( $translated, $text, $context, $domain ) {

     if ( 'buddypress' !== $domain )
        return $translated;

     switch ( $text ) {
        
        case 'Friends':
            return 'Network';
            
        case 'Groups':
            return 'My Groups';            
            
        default:
            return $translated;
    }

    return $translated;
}
add_filter( 'gettext_with_context', 'sr_gettext_with_context', 51, 4 );

afaik, the Dashboard link is added by your theme.
You should ask BuddyBoss about it.
It probably is only visible to site admins.