Not to beleaguer the point, but if the TCS light is flashing on pavement, you're tire is slipping/losing traction. So turning it off only allows you to spin the tire more. You're not gaining anything, just throwing money away and taking it a little closer to stepping the rear out. The point here is if the tire is slipping, TCS is engaging, the light is flashing and yes, it's cutting some power to prevent more wheel spin, BUT w/o TCS, you'd be losing power too, as it spins the wheel instead of propelling the bike. You may or may not be able to compensate for the wheel spin, but I rather doubt you're as good and as fast as the TCS, and that difference, on pavement, especially in the wet, might be important.
Off pavement, we already established this is fun for you and a desired thing. No harm, no foul. But on pavement, well, ease up on the throttle or leave the TCS on, IMHO.