Allow ordering when out of stock?

if the box “show out of stock products” in admin/settings/general is unticked, and stock count is zero, the item is shown as “out of stock” and doesnt allow ordering.

If however the box is ticked to show out of stock products, the item is shown as “in stock” and allows ordering of the product.

Is that right ?, shouldnt it say something like, this item currently out of stock, but can still be ordered or out of stock, but will be back ordered ?

version is 2.2.4. Thanks.