Just tried that and it didn't work for me :| So odd. It doesn't even shut off when my PS4 is off.
It never goes into rest mode ugh Only time I can get it red is if I turn off everything, unplug the cord and plug it into my PS4 when it's off.
Mine doesn't turn off either...at least not for a while. It stays white for a long time, but once my ps4 is in rest mode, it will eventually go red. It will be white if your ps4 is on though, because there is a feed running through it to your TV. Even if your not using VR.