There is a last step in the counting where ballots specifically ranking a nominee relative to "No Award" are counted. If you leave the nominee off the ballot, your ballot is not counted in this step. In effect it is treated as "don't care".
From what I understand, the only reason to rank anything after No Award is if you dislike one of those things more than another. In other words, you can still affect which of the things you dislike will win. So yeah, not including those things on the ballot means "no preference."
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