Event Registration Receipt Contains Pay Later Text even if Event is Paid "no"

The event registration template has this simple check:

then print {$pay_later_receipt}.

However, even events set to Fees > Paid Event = "no" will include "pay later" in the receipt.

Use case: It is common to "switch off" paid registration due changing event requirements, and it's undesirable for the pay later text to keep appearing in the receipt anyway. Users don't understand they must also switch off "pay later"