The attention seeking approach leads to unhealthy arms race mentality and bicycles are vehicles like any other, hence they need to conform to lighting policies of other road going vehicles, that’s why legislators and policy makers in Germany and France have created rules to clamp the bicycle lights arms race creating rules that have brought us lights with cut-off beams. Though I generally oppose to the blinking bike lights, using one together with a steady light source in the daytime is acceptable, but should not be encouraged let alone put under an obligation of any kind. The same goes with too bright circular beam lights, sometimes referred to as off-road lights on bikes. Yes, you certainly get plenty of attention with 4000lm headlight, which is about the same as motorist driving high beams on, but is it wise? The next guy thinks, if 4000lm is getting a lot of attention, why not get an 8000lm headlight and blast it in the eyes of others. Insane. With tiny LED and circular, non cut-off beam even 100lm is already pretty dazzling in the dark, if the light hasn’t been directed to point right in front of the bike.
Also bicyclist shouldn’t have a need let alone be obligated to use any special attention drawing signals of existence, like lights different from other vehicles or hi-viz outfits just to be visible, but it’s the responsibility of motorists to be alert and aware and take into account car cabin’s limitations to driver’s field of vision, like A-, B- and C-pillars plus the distractions of the dashboard and whatever control devices. Just because one chooses to drive isn’t an excuse to be carefree and cut in or bump, even crash into other, less bulky and slower road goers, they’re to be taken into account as equal road goers and not to be treated like nuisance.
And it has been studied, that the flashing, non-constant beam on a moving vehicle it used alone doesn’t improve it’s visibility, because of the pauses make it harder the follow the exact location of the light source. Like you said, you’re using the mode with steady light that blinks on top of it, it’s acceptable to a level, but should never be used in the dark. Also you can’t use yourself alone as a reference to whether the flashing bike lights are ok or not, if they’re considered a nuisance or distraction by some other drivers, it is to be taken seriously as a risk in traffic.
All I wish that people using plain flashlights doubling as bike lights, would understand that the dazzling brightness they put out pointed directly forward into the eyes of the oncoming traffic very easily, is not helping them much, just because of the dazzling effect, thus a flashlight should always be pointed right in front of the bike’s front wheel, when among other traffic. In the forests or anywhere out of public roads it’s ok to point a flashlight anyway you wish, it’s not a problem, but when among traffic you have to mind the others too, always. It’s not your visibility alone, but also others the ability to see and for that the bike dedicated, cut-off beam lights are the best solution, they project the light to the ground further away, without dazzling the others.