And the Framework Laptop also has a switch for the mic. So even the mic can be completely turned of on the hardware level.

That is exactly how the webcam light is setup in a Framework. The light is wired up to the camera sensors power, so whenever the camera has power, so does the light. The switch also fully disconnects it from the computer itself. At least in Linux, you can verify it using lsusb. You can see the camera indicated as Realtek Semiconductor Corp. Laptop Camera. Whenever the switch is flipped though, it disappears all together from the list.