A switch should either be an open circuit thus zero current when it is "off", or zero resistance when it is "on". It will offer no volts to the load when off, or the full supply voltage when on.
A mechanical switch like you find in a switcher with a relay has contacts that act just like any other switch. They don't care which side they switch, ground or positive, but have the bulk of the relay. With relay contacts, there is the option of switching any voltage as required.
Electronic switches, you need to read the instructions, or at least have clues on the case. They are usually designed so that they switch either the ground line or the positive line, and it is as well to know which. Less bulk than a relay, but more picky about how they can be used.
Red and green LEDs usually in the range of about 10-20mA, so no real worries about consumption there. White LEDs tend to be thirstier plus they need more volts, so no option on 5 volts to form daisy chains.