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“There is no account with that username or email address.”
You can get the same error message by just visiting the forgotten password page. However, you can disable email integration by adding this to wp-config.php
define( 'MAGIC_LOGIN_USERNAME_ONLY', true );
In this case, you will get “There is no account with that username.” message. (when the username mismatches)
Preventing output would be nice for security but bad for the product, a regular user expect a clear message right after submitting a form.