An important consideration was that the flashing green was only relevant to >125mph operation. Any non 140mph train simply treated all greens the same, which is much easier to manage operationally, as well as being simpler engineering wise.
The flashing greens were never intended to be a permanent solution for running >125mph trains, it was just a cheap and easy fix to allow experimental >125 mph running on an existing line, without impacting on the standard services. So, as Tester says, standard services could just treat flashing greens in the same way as steady greens.
A failure of the flasher leads the flashing green to show steady green, which has no impact on standard services. Whereas a failure of one aspect of a triple yellow would lead to it showing double yellow, which would impact on the running of standard services. And they would have had to give an AWS warning at the triple yellows, so your regular service trains would be getting a lot of unnecessary AWS warnings.
A signal head capable of showing triple yellow would have needed to be much taller than a 4-aspect head, to maintain spacing between the yellow aspects. A traditional 4-aspect head has the green aspect between the two yellow aspects to give adequate spacing between the two yellows (modern LED signals still have this increased spacing between the two yellows). So to show triple-yellow, you would have needed a head an extra two lamps high (R/Y/G/Y/-/Y). Fitting such a head in place of an existing R/Y/G/Y head would have sighting implications, as the new top yellow aspect could be obscured by bridges, OHLE, etc. Whereas the flashing green solution avoided this as it used standard R/Y/G/Y heads.