i am willing to bet they do more than illuminate the front panel ...
No, they light up the front panel. The panel was black-over-clear IIRC, was engraved through the black to leave the clear. Then lightbulbs sprinkled through the chassis would turn on when the power switch is thrown, and light up the engraved legend on the panel.
I went Ampeg's route making a light-up faceplate: engrave the acrylic, then light from the edge.
I have a reverse-engraved panel (engraved side against the chassis), then put a few blue LEDs against the right edge. The light transmits through the clear acrylic then is bent out to the viewer's position at the engraving. The amp I used it on is noted here (https://el34world.com/Forum/index.php?topic=14263.msg134514#msg134514).
The photo is from a phone camera, and the LEDs tend to overdrive the sensor. In person, it's a more subdued blue, and not as bright/intense. I could add LEDs to the other side of the panel & tinker the dropping resistor to the LEDs to tune the brightness & balance, but just haven't bothered.
(https://i.imgur.com/5W2SnWX.jpg)