Toggling ON/OFF when the property in question is "This element is visible" doesn't do anything because in the editor, we read visibility from the element tree, which starts off with checking whether or not the element is visible on page load. As a result, this will override any changes to the is_visible property — changes to the is_visible property from a conditional will therefore do nothing.

A workaround would be to toggle visibility directly from the Elements Tree, as that should produce the same behavior as doing so from the conditionals tab.