That's what my buddy and I saw on a Meg rb diver during a shallow pumpkin carving dive about 6 years ago. Two pairs of very experienced rb divers had split up slightly into a line, each carving their pumpkins. My buddy and I knew the four of them, so we were hovering nearby observing their creations.
Out of the corner of my eye I saw one diver's HUD that was blinking green started blinking differently and then yellow and then very quickly red. He didn't seem to be doing anything about it and continued trying to carve his pumpkin. My buddy and I looked at each other and started moving closer to him, looking at him quizzically, concerned that he might go unconscious. We assumed he was probably going hypoxic since the max depth was 30 feet. I believe they had done a deep tech dive that morning with likely a hypoxic trimix.
Suddenly he took care of it and his HUD started blinking green again. We stayed close by for a while in case he had some delayed reaction or got behind on his gas management again, unbeknownst by his buddy, who was also busy carving a pumpkin on a seemingly innocuous dive.
I found the Meg HUD lights very easy to see and interpret, not having known much about them prior to observing them change.