Can you continuously flash a high power LED bulb or will it break?
The first one is a LED bulb, the second is a bare light emitting diode (LED). LEDs can be driven in pulses and in most applications they are.

The LED bulb may contain a semiconductor current driver or may use a single resistor. If current is limited only with a resistor you can safely drive it with pulses with constant voltage amplitude. Otherwise you should check how the internal electronics will work in such mode. In most cases this mode will be bad for the bulb's electronics and may shorten it's life.

Pulsing the bare LED with constant current amplitude is best, but you have to be sure of the current waveform trough it and how much current overshoot occurs during turn on &amp; turn off. This requires precise selection of the current driver and the switching off technique - breaking the circuit or shortening the LED. Not any "off the shelf" driver will work good enough.