Cache busting strategies in Flask involve changing the URL of static files by adding a query parameter with the file's last modified time. This forces browsers to fetch the updated file instead of using a cached version. The provided code overrides Flask's url_for function to append this timestamp for static files. When a client requests a static file, the server checks the file's modification time and adds it as a query parameter. If the file changes, the URL changes, so the browser fetches the new file. If the file does not exist, no timestamp is added. Non-static URLs are not affected by this strategy. This approach helps keep static resources fresh without disabling caching entirely.