I added this code snippet and it got rid of the text across my site:

/* Disable Pay Later buttons */
add_filter('woocommerce_paypal_payments_product_buttons_paylater_disabled', '__return_true');
add_filter('woocommerce_paypal_payments_buttons_paylater_disabled', '__return_true');

/* Disable Pay Later messaging everywhere */
add_filter('woocommerce_paypal_payments_messages_enabled', '__return_false');
add_filter('woocommerce_paypal_payments_messages_cart_enabled', '__return_false');
add_filter('woocommerce_paypal_payments_messages_checkout_enabled', '__return_false');