I think the reason it wouldn't work is because "On Touch Release" is same as having: "In not touching" with "Trigger Once". So it means you had three things together:
"Is not touching"
So the moment you jumped, it would trigger once, but the above condition becomes false, allowing another trigger when it becomes true again (when you release again).
The way around should simply be having a Sub-event like so:
On Touch Release:
(sub) "Overlapping Ground" (Action: Jump)
This way, it would check for Overlapping Ground separately before executing the jump, each time.
Let me know if it works.