depends on the fish....and how much you flash your fish.
i can take pics of my plecos without them reacting much at all. If anything they may be temporarily blinded, but it wouldn't be any different than blinding them by shining a flashlight into the tank right? so it would stress them out as much as light does in general...
well all true except...
i have dwarf honey gouramis, I've only tried taking their pic once. The first time i tried, it sent my little gourami swimming like a mad-fish from hell bouncing into the walls and plants..it went crazy! I'm sure anything to make a fish jump like that isn't healthy for the fish when it reacts like that!
sooo there isn't really a right or wrong answer