As discussed here
This kind of “blinky” you can fined in a camera called focus peaking.
It reveals the focal plane, where it is and which objects are in it.
Edit:
In the FRV there is a focus indicator color (red) and a edge contrast indicator (green)
This can be very useful in burstshooting and focusbracketing to find useful images and delete the bad useless one’s.
Like i earlier posted, it can be a step up for tools like stitching panorama, bracketing hires. images.
But as starting just a viewer for what’s in focus wuld be fine.
