I was the security architect for this feature on recent Macs. The LED is wired to the camera PMIC and is powered by the voltage rail that powers the camera. The PMIC will always remain on if the system has power. Macs newer than 4 or so years also have a feature that forces the LED to stay lit for at least 3 seconds after it has been turned on to prevent the single-frame-grab attack.
I was the security architect for this feature on recent Macs. The LED is wired to the camera PMIC and is powered by the voltage rail that powers the camera. The PMIC will always remain on if the system has power. Macs newer than 4 or so years also have a feature that forces the LED to stay lit for at least 3 seconds after it has been turned on to prevent the single-frame-grab attack.