I used a 'headlight modulator' for about 20 years. Yes, it does get you noticed. Yes it does help a little to keep people from pulling out in front of you. No, I do not have hard facts, but with about 45 years on the road, I could tell.
BUT, I no longer use one, and prefer not to. When I used them, TWICE, I had people cross the center line and head straight towards me. Looking at the driver, I could see that they had a blank stare, looking directly at that blinking light and heading for it. Having people drive directly at you like that gets your attention. I also had a person ahead of me, in busy Atlanta interstate traffic, come to a complete stop in the middle of the interstate. I was trapped behind him, as he stared into his rear view mirror at that pulsing headlight. Maybe he thought I was an emergency vehicle. Again, having 70+ MPH traffic try to dodge you stopping in the middle lane on I-85 gets your attention. After those three near death experiences, I decided to add simple driving lights. A simple set of cheap LED driving lights helps a lot, without the confusion factor that the modulator can cause.