Not particularly. At least on my 2015 rMBP, using code that I wrote (so I know it's not doing anything extraneous), the light is on for about a quarter of a second before the first frame is returned from the camera. This is because the LED is literally showing you when the camera has power (which includes any sort of handshake with the system), not just when it's capturing frames.
Is that enough that a user who's really concentrating on the screen will nonetheless see the light come on? Not necessarily. But GP has a good point about this being a feature that doesn't rely on the user being proactive.
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