Wyze uses 850nm IR LEDs. And yes, you can see the LEDs, although they are not “bright” at least to my eyes. Most IR cameras use 850nm, because the cameras are more sensitive to the 850nm than to the 940nm IR LEDs.
I don’t agree that in general the 850nm IR leds are cheaper than the 940nm (less visible to our eyes as well as most cameras). To get the same “camera perceived” illumination, it may require more 940nm LEDs, so it may cost more to use the “invisible” 940nm LEDs to achive the same performance.
There are always trade offs in everything. The Wyze camera isn’t being marketed as a “spy” camera. If you are trying to “catch” someone instead of trying to deter them, having the camera hidden and “invisible” to naked eye could be an advantage. On the other hand, there are request for “stickers” to advertise that there are security cameras. An you can buy fake security cameras to deter, or possibly act as decoys to detract attention from other more covert cameras.
For a price comparison, I found two surface mounted IR leds produced by the same manufacturer and having very similar characteristics.
I am not implying that these can be used as replacements in the Wyze camera, I was just trying to find two LEDs that were as close as possible with the only difference being the wavelength of the IR being emitted. I have no idea what the Wyze cam is using. But I do know they are 850nm.
850nm part https://www.digikey.com/products/en?mpart=HIR19-21C%2FL11%2FTR8
940nm part https://www.digikey.com/products/en?mpart=IR19-21C%2FTR8