Not exactly concurrently but practically concurrently.
Led's leakage current varies with light shining on it. So you can read back the leakage to detect light sensitivity (or to use led as a switch to detect fingers).
Google a paper by folks from Mitsubishi.
You can light up an led, and then turn it off by applying a reverse voltage on it while measuring its leakage (usually via adc or timer). If the measurement phase is very short, you can have an led that can self-adjust its brightness based on ambient lighting.