depends how it’s implemented. And if it was so simple, why was it not the first solution instead of the more complex software controlled solution?
Also what about the scenario of the camera briefly enable to take snapshots? depending how fast the camera module turns on and sends back a signal… one could just create a timelaspe where the led flashes on inperceptively. A physical shutter cant be cicrucumvented and you can trust the camera is functionally useless until you need it.