diff --git a/src/js_native_api_v8.cc b/src/js_native_api_v8.cc
index b8455eb3a69b3e..dceb55278aea20 100644
--- a/src/js_native_api_v8.cc
+++ b/src/js_native_api_v8.cc
@@ -242,6 +242,8 @@ class RefBase : protected Finalizer, RefTracker {
   static inline void Delete(RefBase* reference) {
     reference->Unlink();
     if ((reference->RefCount() != 0) ||
+        (reference->RefCount() == 0 &&
+            reference->_finalize_callback == nullptr) ||
         (reference->_delete_self) ||
         (reference->_finalize_ran)) {
       delete reference;
diff --git a/test/node-api/test_worker_terminate_finalization/test.js b/test/node-api/test_worker_terminate_finalization/test.js
index d58324d5e5f696..7240520080e66c 100644
--- a/test/node-api/test_worker_terminate_finalization/test.js
+++ b/test/node-api/test_worker_terminate_finalization/test.js
@@ -1,10 +1,6 @@
 'use strict';
 const common = require('../../common');
 
-// TODO(addaleax): Run this test once it stops failing under ASAN/valgrind.
-// Refs: https://github.com/nodejs/node/issues/34731
-common.skip('Reference management in N-API leaks memory');
-
 const { Worker, isMainThread } = require('worker_threads');
 
 if (isMainThread) {
diff --git a/test/node-api/test_worker_terminate_finalization/test_worker_terminate_finalization.c b/test/node-api/test_worker_terminate_finalization/test_worker_terminate_finalization.c
index bb23830ecd2731..4dd82cdc8d2006 100644
--- a/test/node-api/test_worker_terminate_finalization/test_worker_terminate_finalization.c
+++ b/test/node-api/test_worker_terminate_finalization/test_worker_terminate_finalization.c
@@ -9,8 +9,7 @@
 int wrappedNativeData;
 napi_ref ref;
 void WrapFinalizer(napi_env env, void* data, void* hint) {
-  uint32_t count;
-  NAPI_CALL_RETURN_VOID(env, napi_reference_unref(env, ref, &count));
+  NAPI_CALL_RETURN_VOID(env, napi_reference_unref(env, ref, NULL));
   NAPI_CALL_RETURN_VOID(env, napi_delete_reference(env, ref));
 }