“Custom GA Code” content being escaped

I am trying to enter some custom code into the “Custom GA Code” field but it seems to be escaping special characters when I save the settings.

For example:

if (typeof myvar !== "undefined" && myvar instanceof Array) {
    ...
}

Gets converted to:

if (typeof myvar !== "undefined" && myvar instanceof Array) {
    ...
}

Which is not valid JavaScript and breaks.

I suspect this is happening because you are passing the content through the wp_kses() function.