Question on EText Template conditional if logic with no else

I am running a changes only extract where job_code is set as "Mark as changed". On the Etext template job_code field has the below if condition logic without an else statement. We have job codes starting with 'US1234' and 'GLB3456'. When a job code starting with US is being pulled on the output it is removing the US and is displayed as 1234 which is expected. But when the job codes not starting with US are assigned to any employee I see the full job code being displayed as "GLB3456".

My question here is when there is no else logic how are the non US job_codes being displayed on the out put ?