I can confirm that the OLD tag is purely cosmetic and has no bearing on the functioning of the components. But we have tried to turn all of them off since McNeel introduced it in Rhino 8 given that they are distracting.
So I am glad that you pointed this component out since it seems that we missed adding the line of code that we need to turn off the tag when we released LBT 1.8 (which was supposed to be set up fully for Rhino 8). I just added this line of code now to that all future versions of these components will not have the OLD tag:
But, given that this is purely cosmetic, I think that I will refrain from updating the LBT 1.9 Food4Rhino installer just for this purpose. If it really bugs you, you can always use the LB Versioner to get a version of the components with the OLD tag turned off.