I believe both the Red and Black series dimmer supports LED notifications (it is mentioned as Parameter 16 in the manual for the black dimmer) You theoretically could use this notification LED to show the status of another device, as long as your hub/setup is capable of changing parameter values based on whatever automations you set up. A couple things to keep in mind though:
- Pressing the config button 2x will clear the notification LED light, and it will go back to its normal behavior
- Although you can send a value to Parameter 16, you cannot reliably read a value from it. If you tell the switch to blink red rapidly for 10 seconds by sending value 50989569, that value will remain even after the 10 seconds are over and the LED has stopped blinking. Pressing config x2 to clear the notification also does not change this value
You could set up an automation to send value 33491457 (solid red forever) when the stove is turned on, and then send 33491545 (solid green forever) when the stove is turned off, you just dont have a way to check the LED status or prevent anyone from clearing it with config x2.
The best resource I have found for the Parameter 16 (LED strip effect) values is Inovelli Switch Toolbox (posted/created by @nathanfiscus in this thread
Home Assistant - 2nd Gen Switch RGB working! - #21 by nathanfiscus)
The extra parameters on the red series dimmer are for changing settings related to energy monitoring (which are not supported by the black series dimmer)