It's recessed, which is a disappointment (3,4)

I believe the answer is:

set back

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'disappointment' is the definition.
(I've seen this before)

I can't explain the remainder of the clue.

(Other definitions for set back that I've seen before include "Disappointment" , "Rebuff" , "Hinder - cost a specified amount" , "Delay" , "what TV rental company sometimes wants" .)

I've seen this clue in the Evening Standard.

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