Maxx in my mind it's never been a question of the panel being used. It's close to irrelevant, apart from maybe frame rate control (dithering) and pixel grid moire effects. The actual culprit will be the stability of the current fed into the backlight/oled in 90% of the cases. That includes visible/measurable PWM and the visually often unnoticeable current/voltage fluctuations.
To put it bluntly, I find that cheaper phones have more stable power output and thus lower propensity to cause headache and/or eyestrain. That's likely because the power supply components are larger, unlike the razor thin flagship models where they've squeezed the life out of the components trying to cram it all in.
This Xiaomi has DC dimming, which I enable first thing. And the remaining power/light output fluctuations do not cause me any issues. Either because they practically don't exist, or because the frequency is sufficiently high to not cause discomfort. There will always be output ripple in the buck converters; question is whether the frequency is at a triggering rate and the magnitude of the ripple. Also the power draw design factors into play. The cpu power draw can cause ripple as all components pull power from just one source (the battery), which might not be compensated sufficiently by the buck converter's feedback circuitry, or possibly even overcompensated and overshooting the voltage delivered to the backiight/oled.
I've made countless desktop monitors headache free by replacing the power feeding for the backlight with ripple free dc power. Not in one of them have I had an issue since, so at least in my case it's always the power input. Not glare, bad coatings, pixel grids, FRC, radiation, magnet fields, US politics, retina, bad eyesight or any of the other ideas thrown around. Just simply: if it flickers at a high rate (or any rate), it causes me nausea and/or headache in the frontal lobe. And my case is pretty bad since in practice I can't use any device without severe issues.