I have never heard of a cyclist being stopped/fined for not have reflectors/reflective-wear.
I have never heard the baying-mob demand the heads of cyclists because "they all ride at night without reflectors/reflective-wear".
I have never heard anyone say to a cyclist "Get some f*****g reflectors/reflective-wear".
This suggests to me that the roll of reflectors (and reflective-wear) are very much secondary to lights in terms of a cyclist's visibility.
[Yes, legislation still demands reflectors in a pre-described form - but it's not obvious to me why.]
All this business about being identifiable as a cyclist, as opposed to just another road user, deflects the responsibility of all road users to be responsible for themselves, their vehicle and how they use that vehicle on the highway.
If you see a white or red light it is your responsibility to take appropriate action, eg slow down, until you can clearly identify the source of the light and act accordingly.
As long as your lights satisfy any legislative requirements that is enough. There will always be an argument that extra lights, reflective this and that etc, can in certain situations be beneficial but this will all be minor compared to having a set of lights that satisfy the requirements of the law.