On upgrade page, under the heading "Ad-Free Experience", is the text
No banner ads, no video prerolls, no podcast advertisements*
But there is no follow-up text that explains what the asterisk means. It has been this way since at least November 17, 2021, over a year ago, when I first pointed this out and was told that it was just a mistake.
Given that many podcasts do still show ads to premium members, the upgrade page is, in its current state, literal false advertising.