If the equipment level is deactivated in the settings the level is still shown at the equipped items (character screen).
You need to unequip an item/equip a new item so the levels will be hidden.
Maybe hiding them directly after disabling the setting is a better solution.
Corrected the code ... Thanks for pointing it out! Also found that the Condition option had the same issue. Will upload v2.4.2.0 of Equipment Borders tonight.