That light on the On/Off switch is a FAULT Light
It ONLY comes on when there is a FAULT
1) The main flame FAILS to light off and prove that it lit.
Main flme lights a milivolt signal is generated (flam ionization) and that signal goes back to circuit board 'proving' main flame lit.
No signal received then circuit board shuts down 12V DC to gas valve....will make 3 attempts to light & prove main flame. After 3X it 'locks out; and triggers FAULT light to alert owner of problem.
2) Anytime the ECO OPENS (Energy Cut Off--Hi Temp t-stat)
IF T-stat (normal temp 140*F) ails to open then the ECO OPENS when temp reaches 180*F shutting down heating cycle.
ECO opening triggers FAULT light. ECO self resets when temp drops below 150*F and owners has to reset FAULT light
To reset and make further attempts to light off you turn On/OFF switch OFF wait 30 sec and then turn back on.
BLUE Wire is FAULT light...

Suburban light turns on.....then turns off when main flame lights.
Fault light stays on if main flame fails
Different schemes......