AudioClip.preloadAudioData not working

I have an empty script with a public AudioClip variable, in the inspector i set the variable to an audio clip that has it's Preload Audio Data set to off, on update i print it's loadState and it says: Loading - Loaded

Why is the audio clip's data being loaded when Preload Audio Data is set to off?

Calling AudioClip.UnloadAudioData works as expected and it prints Unloaded.