Regardless of what Merriam-Webster says, I assert that to flaunt means "to show off", and that to flout means "to defy" or "to show contempt for". There are many sources, both on line and printed, which declare unabiguously that to confuse these meanings is a
mistake.
This...
Quote:Although transitive sense 2 of flaunt undoubtedly arose from confusion with flout, the contexts in which it appears cannot be called substandard
... means "Although the practice of using of flaunt to mean flout is an error, these quoted examples appear in work by respectable authors"
I do not take that to mean it's OK. Even great authors make careless mistakes.