The good news is that following the attention that this raised, a Zoom spokesperson said that based on their investigation, this bug did not result in audio data being transmitted back to Zoom. The company also mentions that the bug was actually fixed on the 25th of January in the version 5.9.3 update.
The update was released in January but there was no mention of fixing the problem, so it was unclear if the company did address it. The reason is because the company pushed out an update earlier in December 2021 that was supposed to have fixed the problem, but Mac users discovered that it still persisted.
According to a post on the Zoom Community website, “We experienced a bug relating to the Zoom client for macOS, which could show the orange indicator light continue to appear after having left a meeting, call, or webinar. This bug was addressed in the Zoom client for macOS version 5.9.3 and we recommend you update to version 5.9.3 to apply the fix.”