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I believe that the meter shows a mono sum of the L/R. Its a single meter so there’s no way it could show both inputs. It does change based on the stereo setting (in the Pre-Amp page there is a setting for L/R, R/L, L/L, R/R, M/S, etc).
It is my understand that when you link two channels together as one stereo IP their gains are set to the same level. So its not possible to have different gain settings on a Stereo IP.
You can see both sides of the input on a meter if you bring up the Pre-Amp or PEQ screen or Meters screen. The bouncing LED above the strip is a Mono sum though.
-d