Find your mouse cursor.
The more displays you add, the further the cursor strays. Press a hotkey and the place it is right now lights up.
Free. Open source. Four effects.
brew install --cask dominion525/tap/blip-cursor
Four ways to light it up
Pick one in the settings window. The effect hides itself after 1.2 seconds by default; set it anywhere from 0.1 to 5 seconds, or have it wait until you use the pointer.
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Focus Lines
Manga-style speed lines point at the cursor and jitter across three frames.
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Spotlight
The screen dims and a ringed hole opens around the cursor.
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Zoom
A hole the size of the screen shrinks onto the cursor.
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Flash
The ring blinks and ripples spread out from the cursor.
Recorded over the Japanese Wikipedia article Baahubali 2: The Conclusion (CC BY-SA 4.0); the photograph in it is by Bollywood Hungama (CC BY 3.0).
Two ways to fire it
Both are configured in the settings window, and either can be turned off.
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A hotkey
⌥ ⌘ Z by default. Click the field and press the keys you want.
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A double-tapped modifier
Left Control by default. Left or right Control, Shift, Option, and Command all work.
While the effect is up it follows the cursor, and the apps underneath stay clickable. With several displays, only the one holding the cursor lights up and the rest dim.
Updates
Blip goes looking for a newer version on its own and verifies it
against its key before replacing anything. Installed with Homebrew?
brew upgrade picks them up as well.