Magenta Ring' displayed every 10 minutes or so since 2.3.5.30 update

Is this magenta ring light "solid" or does it "pulse"?

Netgear's web site of Orbi color codes a pulsing magenta ring on the router indicates a problem with the internet connection.

Are you able to connect to the Orbi router using a web browser?  It would be useful to know what the Orbi web interface says about the internet connection.  On the Advanced Tab home page, click on Connection Status.  That will tell how long the DHCP lease was originally and how much time remains on it.  I would hope that if the Orbi actually "loses" the internet connection, that the most recent lease time would match the behavior you are seeing.