If I purchase the watermark-free licensed version, will the preview text from this capture card disappear?

Hi,

This is not related to your version or licensing.
The “Program Preview” text is present by design, because you are viewing the preview output, not the final production output.

If you expose the camera compound correctly as shown here:

• The Preview output will display the “Program Preview” text. This output is intended for studio operators.
• The Out output will not display any text or debug information. This output should be routed to the audience.

In the Video Outputs menu, this will make the Preview correspond to Video Index #1 and Out correspond to Video Index #2.
You can learn more about video indexes here: https://aximmetry.com/learn/virtual-production-workflow/starting-with-aximmetry/aximmetry-composer/basics-of-the-flow-editor/#exposed-video-output-index 

If you want to remove the “Program Preview” text even from the previews, you can set Show Name to None, see: https://aximmetry.com/learn/virtual-production-workflow/green-screen-production/virtual-camera-workflow/cameras-control-board-of-virtual-camera-compounds/#show-name 

Warmest regards,

Thank you very much!