Yes, mine too. This is exactly what I needed to see.
Yours lights green only when you hit power, then volume down separately in sequence.
At power on, mine lights orange, then flashes green, then orange until I get the Librem 5 splash followed by the LUKS screen. Ah! That’s because I had it plugged into power… and red+green=orange. Duh! If I unplug, it get the same eMMC/LUKS boot sequence as you.
When trying to boot from the uSD, I was hitting power and volume down simultaneously (because that’s how my PinePhone works). When I do it sequentially, like you, the splash screen does not appear immediately after the green light goes out at approximately 10 seconds. My green light stays on forever, even if I release the volume down button.