[guided]The point of this step is to show that labelled word growth and graph path growth differ only by a bounded multiplicative factor. Define
\begin{align*}
\Lambda_m:\mathcal{P}_m\to\mathcal{A}^m
\end{align*}
by
\begin{align*}
\Lambda_m(e_1,\dots,e_m):=\ell(e_1)\cdots \ell(e_m)
\end{align*}
to be the map that forgets the vertices and remembers only the emitted labels.
First, essentiality identifies the image of this map with the language of the shift. If $p=(e_1,\dots,e_m)\in\mathcal{P}_m$, let $u$ be the initial vertex of $e_1$ and let $v$ be the terminal vertex of $e_m$. Essentiality says that $u$ lies on some bi-infinite path, so the part of that path ending at $u$ supplies a left-infinite path ending at $u$. It also says that $v$ lies on some bi-infinite path, so the part of that path beginning at $v$ supplies a right-infinite path beginning at $v$. Concatenating the left-infinite path, the finite path $p$, and the right-infinite path gives a bi-infinite path containing $p$. Therefore $\Lambda_m(p)$ appears as a length-$m$ block in some point of $Y$, so $\Lambda_m(p)\in\mathcal{L}_m(Y)$. This proves
\begin{align*}
\Lambda_m(\mathcal{P}_m)\subseteq \mathcal{L}_m(Y).
\end{align*}
The reverse inclusion follows from the definition of the presented shift: if $w\in\mathcal{L}_m(Y)$, then $w$ appears in a bi-infinite label sequence read along a bi-infinite graph path, and the corresponding $m$ consecutive edges form a path $p\in\mathcal{P}_m$ with $\Lambda_m(p)=w$. Hence
\begin{align*}
\mathcal{L}_m(Y)\subseteq \Lambda_m(\mathcal{P}_m).
\end{align*}
Thus
\begin{align*}
\mathcal{L}_m(Y)=\Lambda_m(\mathcal{P}_m).
\end{align*}
Now we use right-resolvingness. Fix a word $w=a_1\cdots a_m\in\mathcal{L}_m(Y)$ and a starting vertex $v\in V$. Because the graph is right-resolving, there is at most one outgoing edge from $v$ labelled $a_1$. If that edge exists, its terminal vertex is then fixed. From that terminal vertex, there is at most one outgoing edge labelled $a_2$, and continuing inductively, there is at most one length-$m$ path starting at $v$ and labelled by $w$. Since there are exactly $|V|$ possible starting vertices, the fibre $\Lambda_m^{-1}(\{w\})$ has cardinality at most $|V|$.
Therefore the total number of paths is bounded by summing these fibre bounds over all words:
\begin{align*}
P_m=|\mathcal{P}_m|\le \sum_{w\in\mathcal{L}_m(Y)} |V|=|V|\,|\mathcal{L}_m(Y)|.
\end{align*}
The opposite inequality follows because $\Lambda_m$ maps $\mathcal{P}_m$ onto $\mathcal{L}_m(Y)$, so the number of words cannot exceed the number of paths:
\begin{align*}
|\mathcal{L}_m(Y)|\le P_m.
\end{align*}
Combining the two estimates gives
\begin{align*}
|\mathcal{L}_m(Y)|\le P_m\le |V|\,|\mathcal{L}_m(Y)|.
\end{align*}[/guided]