The nRF7002 Expansion Board (EB) has a blue LED (LD1) that is connected to the QSPI_SS pin on nRF7002 through a 150 Ω resistor.
During QSPI or SPI activity, the QSPI_SS pin is active low and otherwise pulled up to VDDIO. LD1 flashes if there is activity on the QSPI or SPI bus. If the LED is not flashing, there is no active transaction.