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I still prefer a hardware solution or even a toggle, 1\2 the reason I like the cover is less for privacy and more to prevent joining meetings with the camera on when I'm not ready

removes the need to always be thinking about some random indicator being on or off

I'm guessing the light is part of the camera's power circuit. I don't think this would work for photos, though.

Do camera modules need power? Could the LED be wired in series to the camera module voltage in wire?

Hard wired to Camera power supply, no firmware necessary.