The conduit isn’t painted red so it might not have been life safety, unless it got painted over to match the column after it became abandoned. My guess is an emergency light, which wouldn’t have needed to be easily discernable. However, it does seem to have definitely had a purpose at one point because the (original) cover more than likely would have been painted to match as well, or would have not been necessary if was a device.

Regardless, even if it was an abandoned fire alarm circuit, the conduit should still be red.