The coolant hose on the right side seems to be collapsed when cold. Puffs back up as the engine comes up to temp. Coolant levels are good and no overheating problems. Is this something to worry about?
Possibly but after seeing that pic I would look at the reservoir cap. If you removed it and nothing happened, then that would indicate either the hose or the radiator cap. If it sucks air in when you remove it, that would indicate the reservoir cap. Do everything whilst it cold otherwise you will lose your only symptom of the problem.
That's usually from a radiator cap that's not venting properly
This is good advice.
https://shop.bmw-motorrad.ca/a/BMW_2016_F700GS/_51496_6044875/Radiator/17_0691.html #2 on the diagram? I tried taking the cap off while the engine was cold but there’s probably a lot of suction. Idle the engine a bit first?
It would seem to be the overflow hose from the reservoir is blocked, not allowing air back in when the bike has cooled down and is creating a vacuum.