Do APE tags take read precedence over ID3v2 tags?

In Mp3tag's Options > Tags > Mpeg I have ID3v1, ID3v2 and APE ticked under 'Read'. I have a column defined as:

%_tag% (%_tag_read%)

And I see the following in files that have all three of ID3v1, ID3v2 and APE tags:

ID3v1 ID3v2.3 APEv2 (APEv2)

If the ID3v2 and APE tags contain the same fields, does this mean Mp3tag gives precedence to the values within the APE tag over the ID3v2 tag? That doesn't seem right.