It is but from memory the front one serves as some form or indicator too. Given it's narrow length it puts me in mind of the evil robot from, it think, Event Horizon.
You are correct, they are both status indicators.
According to the
DJI Mini 2 manual the following are the front LED status functions:
While Powered On
Pulses White - Default State (Customizable in DJI Fly)
Blinks Blue Slowly - Switching between wifi connection and OccuSync 2.0 video transmission connection
Pulses Blue - Switched to wifi connection and waiting to connect to mobile device
Solid Blue - Switched to wifi connection and connected to mobile device
Blinks Blue Quickly - Switched to wifi connection and downloading at high speed
Solid Red - Failed to switch to wifi connection
Blinks Red Slowly - ESC beeping while using Find My Drone
When Powered Off
Pulses White - Charging
Solid White - Charging Complete
Rear LED Status Indicator Functions:
Normal States
Blinks Red, Yellow, Green, Blue & Purple Alternately - Powering on and performing self-diagnostic tests
Blinks Purple Slowly - Warming up
Blinks Green Slowly - GPS enabled
Blinks Green Twice Repeatedly - Downward Vision System enabled
Blinks Yellow Slowly - Downward Vision System and GPS disabled (ATTI mode enabled)
Blinks Green Quickly - Braking
Warning States
Blinks Yellow Quickly - Remote controller signal lost
Blinks Red Slowly - Low battery
Blinks Red Quickly - Critically low battery
Blinks Red - IMU error
Solid Red - Critical Error
blinks Red and Yellow Alternately - Compass calibration required