yeah it is common , it is an expression resembles the speed of something as the speed of " lamh el basar " it means the speed of some thing is so fast that you can not see, like the speed of light

it's an idiom in arabic and as u said it means in the blink of an eye to express something that happened so fast and it's common in modern standard arabic and another equivalent of it is فى غمضه عين which is common in egyptian accent

it means the speed of some thing is so fast that you can not see, like the speed of light or it means the speed of some thing is very quickly

I think it means in a glisp

it is happening in very short time and very fast ,for example : Lightning , Lightning happens very fast and very short time . Is the expression common in modern standard Arabic? you will hear it ,and there another phrases more same meaning and more common , like طرفة عين, غمضة عين