No. I think what it is telling you is an enabled or disabled indicator (you can disable it in Sport+ or manually).
i.e. it doesn't light up when it kicks in. Believe me it is kicking in all the time without you even knowing it
(I recall the VW's and Audi's I have had do flash up with a car skidding logo when traction is really lost, e.g. in snow when your tyres are spinning, but I have never seen that in my BMW under similar conditions.. it hasn't happened)