This wishlist (now roadmap) request is not related to effects. It is a blink/flash setting feature for automation Rules/Actions. You specify a trigger (e.g., vehicle detected by cam X), specify an action (e.g., blink Bulb Color) and specify the color. Regardless of what your bulb is set to or doing, when a vehicle is detected by your cam, bulb flashes in your specified color, then returns to whatever it was set to before the rule/action kicked off:
The wishlist request that covers animations/effects (e.g., flicker, fade, breathe, etc.) is located here and has yet to be implemented:
Light Animations Ideas (e.g. fade opacity 100%-80% over 10sec, for relaxing candle-like effect)