Your assertion is technically correct. Our goal with the feature was to fill the void for Internet Explorer on older Windows versions. The other browsers already had similar controls in place. Adding our own controls would not replace or supersede the ones already in the host browser, and we weren't looking to double-prompt people or introduce redundant sets of controls.
If you find that the administrative controls in a particular browser are inadequate for your needs, we'd recommend that you talk to the relevant browser vendor(s).
For Edge, it looks like you either get to allow or disable Flash Player wholesale across the browser, but there's no whitelist offered. Alternatively, you can leave Flash Player enabled, but have ClickToRun enabled with a whitelist. It's not perfect, but it would significantly limit your exposure. The user would have to manually allow content to play, and it's pretty unlikely that banner ads and other injected page content would get activated.
Anyway, I found some documentation here, but they don't describe how to configure the allow list:
Group Policy and Mobile Device Management settings for Microsoft Edge (Microsoft Edge for IT Pros) | Microsoft Docs
I've got an email in to the Edge team to see if they can share some guidance on how to approach this.