Seems correct.
The iFi Nano iOne that I tested was showing the purple led after Roon did first unfold. When I did not use Roon and played Volumio straight I only saw the green led (within Volumio app and Tidal Connect both), while this Nano DAC doesn’t support first unfold and therefore could not render (to get the blue led). Without Roon The Nano can only play the basic MQA 48khz 24 bit without final unfold (rendering). And this sounds still pretty well, even tough it misses the lossy MQA data, when using a good (non MQA full decoding) DAC.
By the way: the iFi manual docs are freely available on their website, for anyone interested.