You write "Omega 2S" - are you actually referring to the new SMD Omega2S? If so, then the answer is yes: GPIO43 is configurable as direct LED output for Ethernet activity (and GPIO44 is the same for WiFi).
On the Omega2 and Omega2S however, MT7688 pins GPIO43 and 44 are not exposed, so it does not work as easily.
Linux' LED support has a plugin module kmod-ledtrig-netdev intended for showing network activity on any GPIO, so you might be able to use that. See here for info about kernel LED support. But I have no idea whether the Omega2's networking drivers actually provide a trigger source for that mechanism.