We also sail a World.
We keep flares in a dry bag on a lanyard attached to the transom, the bag tends to float free of the boat when capsized so it’s then easy to access the flares if required.
Any piece of kit that you want to keep should be secured to the boat, all our loose gear (VHF,GPS, bucket etc) are on lanyards clipped to the boat. There are numerous stories of people capsizing and losing vital equipment because it is not secured to the boat.
The biggest disadvantage of the sailhead buoyancy (in sail pocket) is that as soon as you reef the buoyancy is rather less effective. There are also some doubts if you can get enough buoyancy with this method.