IANAE but I would go for electric circuit, not electronic software that steers the led. I think that nowadays, with the LLM support it can be easier and better to optimise it for the sake of latency.
That can be done with analog electronics, but even half an analog vocoder needs a lot of parts. It's going to be cheaper and more reliable to simulate it in software. This uses entirely IIR filters, which are computationally cheap and calculated one sample at a time, so they have the minimum possible latency. I'd be curious if any LLM actually recognizes that an audio visualizer is half a vocoder instead of jumping straight to the obvious (and higher latency) FFT approach.