I think the problem is that "On key release" is a trigger, you can tell by the little green arrow next to it.
Triggers are only executed when they actually happen, in this case when the key is released. This is in contrast to regular conditions, like "Key is down", which are checked continually.
In your case you can use an inverted "Key is down" event. This will continually check if the chosen key is NOT pressed. Then you can do what you need while the key is not pressed.