You can do better with discrete BJTs. The LED itself, of course, won't turn on when the supply voltage is below its own minimum voltage level. So that's free, after a fashion. Beyond that, it's possible to use 2 BJTs to set up a minimum required for one of them to pull down hard enough when the voltage is above any desired given voltage. Given BJT variations, it's won't be precision work. But it is very cheap. For precision, a TL431/TLV431 might be considered, in addition.
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