Nope, this is the voltage across one of the 33 ohm resistors. (Looks like it ended up offset, must be I swapped the probes after configuring the scope.) Peak is about 2.2V, so 66 mA, and average, compensating for the accidental probe swap, is about 0.3V, so 9 mA. I guess the average is about what I would have expected. I think I will replace the 33 ohm resistors with 91 or 100 ohm resistors, for an average of about 3mA.
(Yes, I notice my calculation is flawed because that resistor serves multiple LEDs. Oh well, I still want about 1/3 current.)