the problem here is, that the arguments for print are in list-context. Everything after print is gobbled into that list. this includes the "return". therefore it prints nothing.
iŽd rewrite the code like

#!/usr/bin/perl -w
use strict ;
   
sub fred {

#
   my $file = 'xxrcdisnaeexist' ;
   my $TV   = 0 ;
#
    unless ( open IP, $file )
  {
      print "\n\tNo kin d\n", "\n\tI bet ye dinna see this\n"; 
      return;
  }
#
   if ($TV) {
      print "\n\tIt's Twoo It's Twoo\n" ;
   }
#
}

fred or die "\n\tThis failed min!!!\n" ;
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