You can also consider the keyword CurrentFieldValue. Using CurrentFieldValue instead of the actual field name, it is easy to copy formatting between similar fields using Format Painter.
In your situation, the suppression formula will be
CurrentFieldValue=True
A clean trick to turn a boolean into a Yes / No value is to use the Display String field; It is also on the General tab. Enter the following formula:
IIf(CurrentFieldValue=True, 'Yes', 'No')
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