It's kind of a matter of fool me once, shame on you, fool me twice, shame on me.
No tech people who think about and obsess about this type of 'risk' don't trust the lights. Most Apple customers vast majority don't think and don't care.
It's been twelve years since a vulnerability in this was reported, and by all reports the LED power state is now implemented in hardware. It's long since time to obsess over other sources of risk, instead of the dead ghosts of previous ones.
So let's stipulate it can happen (because well it can happen). That would take both someone being targeted en masse (prior to apple having a fix in place) and it making a difference to the person or people it happened to. Is that really a big enough risk to spend time worrying about?
Which bugs, loopholes, backdoors, etc allow the camera to get through my cover (I upgraded to sliding plastic from electrical tape at the start of lockdown and there was a need for an actual camera)