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I have recently tested this on my PanV3 cams and the status lights are working normally. The blue light will be on when there is no motion in front of the cams and the app is not accessing the cams. As soon as it senses motion in front of the cam, the light will turn red for the duration of the motion event, then it will return to blue. If the cam is in a group, the light will turn red as soon as the group is opened or when the cam Live Stream is opened indicating it is being Live Streamed to the app.
However, I am running Beta Firmware 4.50.4.4767 that is currently being tested (linked thread below). Since it is working in the Beta Firmware, if there is an issue within the current Production Firmware, you should see a correction to it when this Beta Firmware passes QA and is released as the next Production Firmware Update.