On my 2017 SR5 w/~90k the 4-lo light will randomly just come on (not blink), sometimes after starting it and other times when on the highway. No check engine light comes on though. Sometimes the 4-lo light will stay on for up to 20 minutes, then just as mysteriously, go off again.
Took it to my trusted mechanic and he said there were no codes at all. Not sure what to do, just randomly start replacing parts, like the neutral sensor switch, and work my way up to the transfer case (maybe it's a bad actuator). I called a reputable dealer and spoke to the service adviser there, he said he hadn't really heard of that happening before.