WP2:~ # echo 0 > /sys/devices/platform/leds/leds/blue:power/brightness
WP2:~ # echo 1 > /sys/devices/platform/leds/leds/blue:power/brightness
^ the first command (0) turns the BLUE power LED off, but the underlying firmware (which we have no control over) switches the LED to RED. It can be reversed with (1). It's a good example for why it's hard to have a consistent feature in the settings GUI. Put some black electrical tape over the LED and it can be silenced.
For boot, I never understood why users are so obsessed with running from eMMC. I run an WP2 from a decent SD card (with mainline u-boot, as I wiped the emmc clean) and this works nicely. An RPi4 will be better overall, but for it's age the WP2 is still surprisingly useable.
Note that LE11 is functionally behind old vendor kernel images (no DVB tuners, no deinterlace etc.) .. there are few developers working on media drivers so progress is a bit slow.