"Remind me later" means "bug me again with a dialog in the future", which is not what I want. I don't need to be reminded, but if I change my mind in the future, I want to be able to proactively go and change it.

Yes, more text can be another way to provide the message, but if you've ever done any user testing, you'll know that people at best scan through your UI. I know I wouldn't read that, or at least would prefer not to have to read that.

I guess I don't see why "No" combined with "You can change this later in settings" is so much less offensive than "Not now".