For blinking an LED, you could just make an oscillator circuit very inexpensively to drive it (LC, crystal, 555 timer, etc.). So, spending $70 for that purpose is overkill. However, if you believe that you'll have use for a variety of waveforms at a selectable frequency, and sometimes even two at the same time with different phase or frequency, then the FY3224S is an inexpensive option that works fine in general.
Keep in mind that this is not a high-end instrument and has its downsides, though some can be worked around: no user-accessible firmware updating, poor low-amplitude output (use an external attenuator), distortion near zero-crossing, high jitter between channels depending on frequencies chosen, high-voltage AC leakage (as covered extensively in this thread), etc.
For general hobby electronics use, these downsides aren't showstoppers, but as always, caveat emptor with any tool you buy. Know what it does and doesn't do well, use it accordingly, and you'll be just fine.
As for the price, unless you're in a hurry, you may want to shop around. I've seen the 24 MHz version occasionally for around $50.