I've read that flashing lights attract drunk drivers the way a flame attracts moths. Apart from that, flashing lights are distracting and annoying.

So arguably drivers are more likely to see you if your lights are flashing. The question is, are they less likely to hit you? I'm not saying they will intentionally hit you because the like is annoying, but it puts the driver in a sub-optimal mental state. The chances that the driver will look away from you are increased. So the drunk drivers a fixating on you and the sober ones are trying to drive in a direction they aren't looking.

On the other hand, when I'm driving and I see a flashing light in the distance my first reaction is to think that it's a bicycle.