3.4V LEDs are nominal Voltage @ 30 mA for both blue and white 5mm and using incremental Rs=16 ohms (typ.)
I expect at 5mA Vf= 3.4V - 25mA*16 ohm = 3.0V but it will drop quickly to near 0 brightness with battery voltage @ 2.5V
You would not put two different impedance devices in series and expect them to share battery voltage in half, thus you might choose to use them in parallel with a battery that still works at low voltage.
Buzzers come in many types and current is generally linear with voltage.
- Internal oscillator, piezo
- External oscillator, piezo
- Magnetic (electro-mechanical), internal oscillator.
LEDs with built-in flasher drivers (rare)
LEDs without flashers (common)
They are not all the same loudness and magnetic tend to be lower pitch.
The best solution is to choose a common flash rate for both and one can alternate the current between driving the LED on and then the Buzzer On to conserve power using a CMOS astable oscillator at any frequency in the 1 Hz range easily with 10 Meg and 68 nF.
This may not meet your simplicity requirements but is not hard to do with a piezo buzzer and an LED.
They do make vehicle backup flashing buzzers but these use several parts and naturally cost a lot more.