I distinguish between strobing, which is fast rate, and blinking, which is slow. I don't know of studies on this in daylight road riding, but strobing in daylight on the paths makes it harder for the oncoming rider to judge your position. I know as a driver that at night, that's the same situation, I can't really tell where the strobing bicycle is. I'm skeptical that drl make any real difference in non-foggy conditions, but I do recall at least one situation as a driver where I had a hard time judging the actual position of a strobing bicycle in daytime--it was one of those absurdly high lumen light.
I guess I'd definitely question whether there is any advantage of strobing over blinking for peripheral notice , and there's no question in my mind that strobing really messes with people's ability to adjust to light changes. Your pupils just can't accommodate it. Keep in mind that it is impossible to strobe only for drivers at some distance, so you have to always keep in mind the effects of bright lights on drivers at close distance. Those are the ones most likely to kill you. It's not very useful to be visible a quarter mile away while disorienting drivers within a few feet.