Absolutely.  In that scenario, it's just eye candy (for those who like their pedalboards looking like the Space Shuttle console).  I suppose that one could make the case for a different colored LED on each switch in a crowded floor layout.

I have a couple of switch sets for my PitchFactor that invert the polarity of each main aux switch, and also momentary – latching action, using two small toggle switches per aux switch.  In that kind of circuit, the LEDs become more useful.

Since the Aux SW are programmed globally, I find the occasional advantage to flipping the polarity externally.   But my main target for this kind of circuit is the Flex switch.  Many times, I find the need to latch that action, and toggle it back off with a second press (octave shifts; doubled MicroPitch values; PitchFlex; etc.)  The LEDs (along with the PF display) indicate where I'm at, and how I got there at a glance.

With 9V power-on at the input jack, though, I don't have to tell you what comes next.  If I had to do it over again, I'd might've left out the LEDs, power requirements, and minor headaches that go with them.