No, color, flashing speed can be changed only by rooting the device, no basic settings and therefore almost no use, no consideration of user suggestions in the post dedicated to ideas.
The LED does not appear multicolor, just red, orange, yellow, green
Impossible without Root to assign it a color or a flashing in the event of an urgent call or message from a contact when you are playing for example.
If my ROG 5 is still alive in August 2023, this is the first feature I will give it after rooting it, comes back in 7 months.