TLDR: due to some unknown internal glitch/incompatibility, the monitor could not handle the default 360hz refresh rate. Lowering the refresh rate to 60hz stopped flashing on my laptop.   I believe I found the solution to the problem!!! I worked with Dell support and they could not figure it out, so they approved my computer to be sent in for repair. I was despairing since I cannot send it for several months,  and none of this made any sense anyway.  The Dell support guy was very helpful and friendly, and he had me run some basic diagnostic tests but the computer did not detect anything amiss.  Keep in mind that the support guy could NOT actually see the flashing himself, though it was happening during our remote session. He said that the monitor seemed to be entering a self-diagnostic mode. I checked the drivers and they were all up to date, but one of the graphics drivers seemed relatively old, from 2021. I also noticed that there was a link with the light fx on the led keyboard and alien head which started to go out and only come back on after shutting down the computer. Additionally, the flashing only started after I had begun to play ESO - not while I was playing it but the next day. It was the only thing I had done differently. So I really started to feel like there was some sort of glitch or incompatibility somewhere.  To make a long story shorter, I noticed that the default refresh rate was set to 360hz. I lowered it to the only other option: 60hz. The color flashing, which was random but frequent enough to make the computer essentially unusable has stopped completely. It has been two/three weeks and I have not had the problem happen again a single time.  I do continue to have a glitchy light FX on the laptop. 
I have a new laptop and it is less than 2 months old. Today I was sitting at the computer, with just a browser open, not using it, the screen began flashing these colors. This happens at random but very frequently. In fact it is happening right now while I am typing but I can continue to type even though I can't see past the colors. After one or two cycles of these colors it will go back to normal. It doesn't always complete a cycle, sometimes just white flashes. It seems like if I am using it, the flashing doesn't last as long. If I am not using it, the flashing will go on and on. If I press the power button twice it fixes it for a moment. Restarting doesn't help. I changed the sleep and power settings back to default and it also doesn't help. The laptop just sits on the desk, I have not dropped it or jostled it. It is hard to imagine this is a loose connection inside the computer. It seems like there is something to do with power or usage; for example now that I have been typing this message for awhile, the flashing has stopped. It seems also to do it less when it is unplugged. I've been searching online but I cannot find a solution/explanation about what is going on that I can use. Thank you!
m15 R5, LCD randomly flashes red blue green white black