Please take a look at this event:
https://www.radiocentre.org/wp-admin/post.php?post=39623&action=edit
With enabled “Select below EventTop tags to HIDE (Tags you selected below will be hidden from view on frontend.): Virtual Event” and removed your code, the “VIRTUAL EVENT” tag is hidden:

We are glad your issue is resolved, if you have any further questions or concerns please create a new ticket.
If you have a moment, we would greatly appreciate if you could kindly leave us a review at myeventon/my-account!. Cheers!
Seems to be working:
https://new3.iskcon.london/events/test/
Please make sure that your event is in progress.
Hello,
Please remove cal_id=”fullcaltest” as well as cal_id=”001″ from both shortcodes to make them work.
Hello,
Seems to be working on my side:
Please follow the instructions in this documentation to activate debug in your site to see any PHP errors recorded that can provide insight on to whats going on. Please reply with a link to debug.log file. If you are not able to do this please send us FTP access to your site so we can do this for you.
Hi Eventon team,
to follow up on this – I got this feature working now, I’ve been able to set 2 different banners to show up on the tiles. One is “fully booked”, and the other is “early bird rate ending soon”.
So far so good. But now, as the early bird period is over, how do I deactivate the banner in the event? It seems that there is no way to switch off all statuses, only to switch between statuses. When I click on the active status button, it doesn’t switch itself off. Instead, it stays on.
Any ideas?
Thank you!

It is still like on the screenshot.
Hello,
Please go to EventON > EventCard > select Feature image display style: Fit entire image, resized box height.
I trust you.
I have made this ticket private. Any chance we can get wp-admin access to your site to do some test events and do some tests on your site and see why it is not working on your site.
because on our dev servers, refund/cancelled restock the variations perfectly.
Lets please try what Artem has started and see if that would help resolve your initial issue.