Hello.
I have a public TV (brand LG) managed by LibreELEC on a Raspberry Pi 4 with the Orange TV add-on.
A smart plug monitors the TV’s power consumption (standby or on).
A second smart plug powers my Raspberry.
If the TV’s consumption is above 15 W (TV on) this turns on the Raspberry and launches LibreELEC.
When the TV is put to standby and consumption is below 6 W this cuts power to the Raspberry, avoiding unnecessary internet bandwidth usage.
However, with my Raspberry powered off the power LED blinks red approximately every 30 seconds; there is electrical feedback through the HDMI cable. I disabled CEC but it made no difference.
I’m afraid of frying my Pi — what do you think?
I wouldn’t make a habit of cutting the power to a Raspberry Pi. You do risk frying it, indeed.
Regarding the meaning of the LEDs, you can read this article Comprendre les LED d’état du Raspberry Pi (Pi 5 inclus) – RaspberryTips