Hmm, I'm not sure how I missed that.
Although it works as expected for the enclosed code, the greying out of text in the IDE doesn't appear to work as normal:
With #If OBFUSCATED, the code is always greyed out no matter which compile mode is selected. And the converse is true with #If Not(OBFUSCATED)
I wouldn't expect the Log() to be greyed out here when Release(obfuscated) us selected:
And with #If Not(OBFUSCATED), I'd expect the code to be grey only under Release(obfuscated):