The other LED is for when you are clipping at the pre stage. If you see that light up, dial back on the gain until the light goes off and if need be adjust the gain on your deck to compensate.
I kinda wish the 9200 had that same light. I was taping an amplified acoustic show this past weekend and decided to use +40 dB. Brickwalled in parts. My fault though, I should have not have been using +40 dB for anything amplified.