Apple hardwired the LED to the camera. It can't be disabled.
https://en.wikipedia.org/wiki/Robbins_v._Lower_Merion_School...
Students were particularly troubled by the momentary flickering of their
webcams' green activation lights, which several students reported would
periodically turn on when the camera was not in use, signaling that the
webcam had been turned on.[9][23][25][48] Student Katerina Perech
recalled: "It was just really creepy."
After the suit was brought, the school district, of which the two high
schools are part, revealed that it had secretly taken more than 66,000
images.
If someone had access briefly to your laptop at a coffee shop, could they cover the LED with black opaque cellophane?
This sort of attack is pretty specific, so you figure it’s only done by people who want something from you in particular. These sorts of physical prep steps are what I’d be looking at if someone were relying on the light. Hypothetically, I’d attack the light first then take advantage of the false assurance.
Missing or open cover is a little harder to miss.
"YeAh but wHaT if tHerEs a sNipEr alReaDy PoiNted aT yOu??".
Makes most sense to secure the camera that you already know exists and is looking right after you. Then you can spend energy on other things.
There are innumerable things I take for granted. Sure, I assume Ifixit isn’t a CIA front and their tear downs fairly accurately represent what ships to the customer. Barring hopeless threat models, the light is a decent trade off.