Yes, one might see it that way. Personally, I find it confusing. In one place it shows a state, in another place it shows the thing itself. In the mixer, it is just another channel. Would it need to change back to the normal level icon when no track is routed to the FX block, just as the track level icons change?
Maybe. But then it’s inconsistent with how the delay and reverb is represented: the delay and reverb sends are using the reverb and delay icons (except in the delay itself, the reverb send is curiously represented as a normal level icon), but the reverb and delay mix levels are ordinary (stereo) level indicators, not the Delay and Reverb icon.
It’s also inconsistent that the FX level is represented in the way the mono tracks are represented, when the manual on page 17 shows a stereo path through and out of the analog FX block, so it should be a stereo level icon. But that was wrong in Syntakt OS 1.0 as well: