Yes, I already tried this. Result:
Event from Sep 18, 9pm to Sep 19, 11pm: archived, not visible.
Event from Sep 19, 2pm to Sep 19, 3pm: not archived, still visible.
“Are current events past events” set to No:
Event from Sep 18, 9pm to Sep 19, 4am: not archived, still visible.
Event from Sep 19, 2pm to Sep 19, 3pm: not archived, still visible.
It seems like events are always visible until the end of the day, regardless of the end time.