Yes, the icon is in the correct position for the DYNAMIC SELECT display and I represents Individual mode. When DYNAMIC SELECT is opened (I usually use the rocker wheel near the touch pad on the centre console) you can see how the components of Individual (Suspension, Drive, etc.) are configured. I have Individual configured to Comfort for everything except Suspension, which I have set to Sport and when I select Individual the icon displays as shown in the photo (I*).
I wondered whether the asterisk meant that Individual is set to something other than Comfort for all settings, but I just reset my Individual setting to Comfort for each component and Individual displayed as I*, so I suspect the asterisk is just part of the Individual icon, for whatever reason. Perhaps it's a subtle hint to check that Individual is configured the way you wish?