Not really. Can you prove that it makes you less safe?
In the absence of any concrete proof either way, we cannot demonstrate a difference. However we can demonstrate that as far as human perception is concerned a flashing light draws attention. There are numerous studies and applications of flashing lights as beacons to draw attention (although contrast is important).
So whilst we cannot prove whether or not it makes a difference to safety, we can say with some confidence that people are more likely to have their attention drawn to a flashing light whether it is day or night.
Most of us see this effect regularly. WHilst driving home from tesco tonight down an unlit road, I saw strange lights. Couldn't make out whether they were coming toward me or away from me. Couldn't make out whether they were on the road or pavement. What I could do though was see them and reduce my speed substantially (this is a 60mph road) because I couldn't work out what they were. As I drew closer, I saw a cyclist on the pavement with a motley collection of lights.
Do I think they were over the top? Yes. Did I think they were unclear? Yes. Did they achieve the effect of making the cyclist seen and of making me reduce my speed - absolutely. So silly as they were, they massively achieved the aim of making that cyclist seen, and therefore safer (cars regularly travel across the pavement and into the reservoir fences!).