No, the green light shows when your camera is being access and can shows microphone is in use as well like when someone is listening in to your conversation.
When I log into amazon shopping the green light comes on because I have Alexa activated in that app, so it's definitely to tell you the mic is listening. When I leave the app the light goes out after a couple of seconds
I don't think it is possible or advisable. The icon is warning you that an app or apps have access to your camera and mic which may be used without your knowledge.