Moving lights/ reflectors increase visibility. Flashing lights do not but do reduce distance perception and arguably increase target fixation.
There's some study data here. I'm remaining blinkered on the issue (see what I did there?)
https://bicycles.stackexchange.com/questions/2294/safety-data-which-is-safer-head-tail-lights-which-blink-or-emit-a-steady-beam
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Moving lights/ reflectors increase visibility. Flashing lights do not but do reduce distance perception and arguably increase target fixation.