I have a Smart Lunar 35 set to flash (forward facing) on my bars. As it's a "be seen" light, I have it angled up higher rather than pointed down at the road surface and as a result, it's very noticeable when bouncing back off the reflective coating of road signs. Quite often I've noticed drivers see the flashing before realising where it's coming from, slow down and pull in slightly thinking that I'm some form of emergency vehicle.
I think you should consider whether this is really making you safer.
Last winter I was driving along a suburban road (with not particularly bright streetlamps. For maybe 10-15 seconds there was a very bright flashing light on the other rside of the road. I thought it was probably a bike, but not everyone would know that, as you say. It was quite dazzling, although not blinding and also as you say it was easy to see, but quite hard to work out exactly where it was coming from, how far away it was, and what speed it might be doing. I think this has something to do with the eyes/brain procesing movement and location differently. Like the drivers you encounter I had slowed down while trying to work out WTF it was.
Suddenly the light disappeared.
Equally suddenly, a cyclist appeared turning right across in front of the car - obviously the light dissappearing was when he turned the handlebars, so about half a second before crossing the carriageway and not enough time for the eyes to re-adjust.
I think I'm a careful driver who looks out for cyclists, 'cos I are one, but I nearly hit this guy. (he appeared not to notice the little drama)
I'm not anti bright lights (My town 'be seen' includes a car daylight running lamp maybe 300 lumens), but badly pointed they are dangerous, IMNSHO.