Yes, but do we know how stressful flaring is? It's natural, it's a way they communicate.. whether to ward off intruders, breed, etc.
If it gets to be too much, the betta will back away and not flare - self preservation.
If it was deadly, then nature would of had them do something other than flare.
I have bettas who see one another constantly and have no health issues, even the ones who flare whenever they see movement in the other tank. My males who have been in the breeding tank flare constantly when trying to attract/attack the female.
But that's just my opinion.. whether a few minutes a day or all day, the betta should not flare itself to death. I can understand the stress worry.. but these fish have always lived their lives, wild and domesticated, flaring.