It's a switch! My current is less than 1A, I thought it was 120V and it seems to work fine. The wire runs through the "legs" of the switch, so you only get light when you connect "hot" to one leg and "neutral" (or other phase if you're using a 240v switch ) connect to the other. Depending on whether you connect the power line to the switch or pole side of the switch, the LED will only be lit when it is on, or it will be lit all the time.
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