I did not saw any improvement or worsening when using this boot options or not using them. As long as I have no 5000fps camera to measure it I can not see if this boot option did anything or not.
But there was one change that I tried in the last 1-2 weeks that helped quit a bit to reduce eye strain in my opinion. I used the calibrated color profile from notebookcheck for the MBA M1 display that shifts the colors back to a more realistic color gamut in compare to the oversaturated default color profile from Apple. Especially the white did not hurt so much anymore when using the color profile from notebookcheck. Additionally I also disabled "true tone" and I use "night shift" only with a fixed blue light reduction (custom schedule from 6:00 to 5:59 with 'turn on until tomorrow') that I change manually depending of the time of the day and how I feel. During daytime mostly cool color with just a tiny bit of warm color. At evening or night a bit more warm color but never over 50% of slider and still in the cool half.
Here the link to the calibrated color profile from Notebookcheck for the MBA M1 display. It was a bit hidden on their review site. Just copy the icc file after download to the folder /Users/your_username/Library/ColorSync/Profiles and it will be available in the display options.
Apple-MBAirM1-1.icc