Do you know if storage water heater off peak light coming on during the peak hours is normal?
No, that’s not normal. It should only be on during offpeak hours (and, I think, when the immersion heater element is actually taking power, but that might not be the case).
I see you have an EDMI communications hub (on top of the meter). This means you’re in North Britain (i.e. north of about Manchester). And, if I remember correctly, that odd Region Specific plan was intended to replace the radio-controlled plans in Load Managed Areas, mostly in Scotland. At one stage, the timings for Shetland activated the heating/hot water during these periods: 1.30am - 3.30am, 8.00am - 11.00am, 4.30pm - 5.30pm & 10.00pm - midnight; so a total of 8 hrs of off-peak over the day.
These plans were introduced so that the electricity distributor (DNO) could vary the load across the area so as to avoid overloading flaky powerlines - meaning your timings might be different from a neighbour’s.
If this is the case, then the immersion heater coming on at odd times of the day may well be in order (even if it’s not what I’d call ‘normal’!). You might have to ask your DNO what times you could expect OVO to be delivering offpeak electricity if Support can’t find out for you. That’s your first task.