Beta From August 2020 brings some changes
To configure Flag LED’s, RPM LED’s and extra LED’s. 
– Select an LED to configure
– Select an event

– select the flag action

You can change the priority of the LED behaviour with the priority up/down buttons

Once added, save the settings to all cars/car class or single car. 

Just like the car profiles, you can only save to the sim you are editing but you can load settings from any other sim to then save for this one.