Yeah, the key thing to get is that in proper working condition, banks 1+2 do not light up at the same time.
It just looks like they do, because they alternate fast.
If I sped up my simulation to a few hundred hz, it would just look like both meters were lit a the same time.
With that knowledge you can work out that Q101 is the switch that turns on and off channel 1.
and it also also turns on and off Q102.
When one is open the other is closed, and vice versa.
LEDMux is the trigger which rapidly switches to control the whole thing.
By design, when LEDMux is 0V, Q101 passes which
1: Lights up channel 1
2: Lifts Q102 base, closing it, and turning off channel 2
then when LEDMux is 5V, Q101 shuts which
1: Kills channel 1 LEDs
2: Lowers Q102 base (by cutting off 5v to it) which lights up channel 2.
Knowing that ^^ you know there should only ever be 5V available at Q101 collector (for LEDS CH1) or Q102 collector (for LEDS CH2),
but never both.