I'm not very good with this kind of electronics, but I would say that R21 only takes a little bit of the current. The LED is a limiting factor and if this is actually driven by a current source that can supply a high enough voltage to get the 700mA flowing the whole circuit will burn.
To get 700mA in a 10K resistor you need 7000V
But the LED it is parallel with will limit the voltage to ~3.5V because that is what a LED does, so the current can't flow through the 10K resistor. The LED will only take so much above the 20mA before it pops.
Then the optocoupler. a) what is the use, because nothing is connected to the transistor of it, and b) here the same applies as for the LED, only the voltage seems to be 1.2V with 100mA forward current. So the 1M resistor won't do a lot there. The 1K resistor is the one that limits the optocouplers led current since it is in series. The gate of the FET has a very high resistance so no current there.
The question is if the FET will turn off when the voltage across the 1K resistor (R22 and diode) drops below the turn on voltage of the FET.
It is a very dubious circuit indeed.