Actually, it doesn't have a "notification" LED, it has a single color charging indicator LED... it can only be access by unlocking, and installing a custom ROM that is setup to make use of it, but it only shows charging status.
It does not, but I would say install "NoLED" from the Play store. You may be pleasantly surprised. It places tiny colored dots on the LCD which serve much the same function at a dedicated notification LED--letting you at a glance know you missed a call, email etc without having to wake up the screen, and using minimal battery to do it. I've used this app for probably 4 years and am pleased with it.