You can also get sheets of hundreds of small little black dot stickers that are perfect to use on LEDs. Some of them are thin enough to let some light through an individual one, so you can choose to dim or entirely block by adding one or 2-3...
You can’t remove the nail polish (without likely damaging the base surface) when you want to sell or gift the device to someone else, and it doesn’t look good on non-black devices. (Even on black devices you might not like its glossiness.) Black nail polish also completely blacks out the light, whereas one might only want to reduce the brightness (which the product I linked to supports).