I set it to Do Not Disturb mode, and yet it still flashes on the screen. Im trying to Airplay my screen to a stream and it gets in the way. Isn't it the same thing as "notifications?"
As far as I recall (and have experienced) it turns off some aspects of notifications as well--lock screen won't turn on for lock screen notifications (you still get the notifications on the lock screen), and banner and alert notifications won't appear when unlocked (you still get notifications on in notification center and still get the app badges).