I have a basic assumption: The more visible I am to drivers, the less likely I am to get hit by one
This assumption is confirmed by my personal observation: When I drive I can see cyclists wearing hi-vis, with reflectors and with bright blinking lights much more easily and sooner than those without the visibility aids
Therefore I wear hi-vis mostly, use a lot of lights and have put extra reflective tape on my bikes.
Not scientific, but works for me
I also drive with my lights on all the time, for 40 plus hears of driving, based on a) when i started my dad insisted and b) observation that in all situations cars with lights on are easier for other drivers to see
ymmv
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Life is too short not to ride the best bike you have, as much as you can.