One flash time is meaningless, and completely unrelated to FPS. Sure you can see one brief flash, incredibly brief if it's incredibly bright, it's simply about getting enough photons on the sensor to be detected, but that isn't remotely related to FPS.
For there to be FPS, there must be more than one frame.
FPS is more about the interval you can detect between two flashes. In the 50-100Hz range, they will look like one flash, unless you have a motion to separate the flashes spatially. This is known as flicker fusion threshold
The paper above is looking an extreme edge case artifacts, that you won't see on a normal display. Basically it's citing the Rainbow effect on DLP displays. When you combine motion on screen, with the serial color flashing and motion of your eyes, colors get misplaced and you get color fringing on the edges.
You won't get this artifact on displays that have continuous color (like LCD/OLED/MicroLED).
Artifacts on oddball displays aren't evidence that you need 1000 Hz monitors.