Version Using: ACF Pro 5.0.1
This is a similar issue to this thread, although it involves page templates and not taxonomies.
I have several individual field groups with location rules targeted to several taxonomy terms. Under “Hide on screen”, the Content Editor has been checked.
The taxonomy I’m using is hierarchical, so the terms are listed as checkboxes. On the edit screen when I select a term that matches a location rule, the Content Editor is hidden from view. However, if I select another term which doesn’t match a location rule, and also uncheck any matching terms, the Content Editor remains hidden.
I believe the intended experience would be to have any hide on screen elements be viewable again.
Here’s a screenshot of one of the field groups for reference.