Looking at all the features that older phones uses to have compared to newer ones, I never hear anyone talk about the removal of the notification LED. I personally really liked that feature, being able to see if I got an email, a text or missed a call without turning on my phone was awesome. My Samsung note 8 had this feature, but to my knowledge, newer phones (in the major companies anyway) have abandoned this feature. Did everyone else unanimously agree they don’t care for this feature?
Unfortunately, the Xperia 5 V no longer has a notification LED. Source.