I think another advantage of a blinking light is that it is passive; it allows for some form of signalling to occur even if you are trying to rest or get some sleep overnight. While the likelihood of searchers is lower at this time, I can't imagine it would hurt to have a blinker running all night just in case.
This may vary with the organization and the region, as well as weather, but we routinely searched at night, especially in the initial phases. I am sure I have spent at least as many hours searching in the dark and during the day. While I think a good fire is probably one of the best signals you can fabricate, there are often situations where fire is a hazard, something that is not true of a good strobe. Something like the ACR 4F is a really good unit.