I have a couple of those 5 LED bike lights that have a rotation of signaling options. They are red or orange and ineffective past a couple hundred yards. The front facing bike lights are too bulky and expensive for back country carry.

Strobes need to reach large distances with a distracting pattern. The basic strobe on a headlamp would be a better than a a bike LED. In my EDC is Doug Ritter Special Edition MkII Photon Freedom Micro™which has a strobe feature good enough for night use and light enough for trail running.

I use a small single red LED rear bike lights or other similar light (including the 5 LED version) on the back of my running pack.