Fixed in version 4.12.1, and therefore not affecting 18.04 anymore.
https://git.xfce.org/xfce/xfce4-panel/tree/NEWS?h=xfce-4.12
** Changed in: xfce4-panel (Ubuntu)
Status: Confirmed => Fix Released
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https://bugs.launchpad.net/bugs/1323019
Title:
"Applications Menu" title shows by default, despite unchecked box
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