No, the bookmarks bar will show up when you touch either of those two text fields even if it is empty. Notice that the option that you turned Off is called, "Always show the bookmarks bar". Turning this option Off results in the state, "Sometimes show the bookmarks bar". I believe that the idea is that you can have entries on the bookmarks bar but that, when the "Always show the bookmarks bar" option is Off, then the bar remains hidden until you touch either of those two text fields. The bar is then active and you can choose from it. The fact that the bar appears even when it is empty could be considered a minor bug.
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