There isn’t a force recovery indicator, the two green LEDs light during either recovery or normal operation (the LED being near the recovery button is just coincidence). Basically the system is up and running normally and you’re just seeing unconfigured video.
Is your monitor purely HDMI without any adapters? Is there anything unusual about the monitor, e.g., being a television?
FYI, you should be able to see your router get a DHCP request for an IP address during boot, and then use ssh. Sometimes CTRL-ALT-F2 would get you to a text mode terminal. There is also serial console (recommended):
There is some information for video debugging: