Yes it should,it shows the ultrasonic movement detectors for the alarm are working.Those are the parts near each sun visor. If you sit very,very still it will stop flashing !
Before someone corrects me,I see no reason why you should not disconnect it
It is not a bulb but an LED so you may have to cut one wire to it.
Failing that stick a small piece of adhesive tape over it.
I never notice mine flashing on a 460?
Diode.