Are you talking about completely hiding the text?
I’d say just don’t draw it in the first place if the player is in any vehicle, simply remove this part of your code:

else
			SetTextFont(4)
        SetTextProportional(1)
        SetTextScale(0.0, 0.38)
        SetTextColour(255, 0, 0, 255)
        SetTextDropshadow(0, 0, 0, 0, 255)
        SetTextEdge(1, 0, 0, 0, 255)
        SetTextDropShadow()
        SetTextOutline()
        SetTextEntry("STRING")
		
		lastStreetName = "BELT"
		
		AddTextComponentString(lastStreetName)
            DrawText(0.26, 0.929)