I think you there is a
possibility that you have a fault ...........
First up the flashing hour glass next to the hour meter is simply telling you that the hour meter is counting.
Looking closely at your 2nd photo it appears as though the "Driver Alert" indicator light is not illuminating when the panel does it's self-test. So we have to assume that light is not working for some reason. I've circled it in a snip of your photo, the exclamation point can faintly be seen inside the blue circle. The buzzer sounding would normally be accompanied by that light flashing, but if it ain't working then all you have is the buzzer.......
Now the reason I say there is a
possibility that you have a fault is a bit harder to explain. Looking at the Operator manual for your particular machine it shows a very different illustration of that particular panel (see below). I found an illustration of the panel in your photo in a manual for a 277D. The panel Part Number has changed twice, from 264-8860 to 346-6335 to the current number 361-3157. Everything shows that your machine was built with 264-8860. If at some time in the past that panel failed and was replaced the replacement would have been whatever was the latest P/N at that time, which could have been 361-3157 - therefore explaining why the panel actually in your machine doesn't look like the one in the Operator Manual. Doesn't help you much but provides some sort of context. Worst part is I have no idea how to go about testing whether the panel you have is good or not, other than installing a new one and see if that light works during the self-test. That's exactly what a dealer tech would do if it was in their shop - the difference is that if the new panel behaved exactly like the old one they'd simply hand it back to the Parts Dept for credit.......you don't have that option.
Bad news is that if panel #26 (P/N 361-3157) is defective, it is solid-state and a replacement goes for $512. Ouch...