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.