Conditional text?

Is it possible to have some basic conditional statements for components? Such as IF statement?

I would like to have a text display one thing IF a property of a collection is true and display something ELSE if it is false.

Currently, my only workaround I see for this is to have 2 pieces of text floating on top of each other with visibility settings to mimic the above.

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That’s correct. This States feature is how we want to make that much easier to setup: