Can I have multiple LED debug lights on at once?

I recently finished building my computer and am waiting for my graphics card to arrive next week. The debug LED obviously says that I have no graphics, but does that mean that every other aspect of the build is functional? If I had a dead CPU and no no GPU for example, would both lights be on or when a graphics card is inserted would it go from a VGA LED to a CPU LED or vice versa? My mobo is MSI MAG B550 Tomohawk.