It could leave you that if the current usage was gentle, but later in the ride if there was a high demand, instead of just dropping to one LED, the low voltage cut-out might operate. Switching off and on would get you running again then, but it would then be prone to further cut-outs when demand rose.
The emptier the battery, the more likely a cut-out when current demand rises.
The emptier the battery, the more likely a cut-out when current demand rises.