SQL_IF_EXISTS breaks CREATE OR REPLACE

The option sql_if_exists is documented as follows:

If set to 1, adds an implicit IF EXISTS to ALTER, RENAME and DROP of TABLES, VIEWS, FUNCTIONS and PACKAGES. This variable is mainly used in replication to tag DDLs that can be ignored on the slave if the target table doesn't exist.

So, according to the description, it should have no effect on CREATE at all, and shouldn't anyhow prevent CREATE OR REPLACE. But it does:

create table t (a int);

set sql_if_exists = on;

create or replace table t (b int);

drop table t;

mysqltest: At line 4: query 'create or replace table t (b int)' failed: ER_TABLE_EXISTS_ERROR (1050): Table 't' already exists

Same on all versions back to early 10.5.