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I haven't had time to check the history, but it seems to me that flags used to be placed inside the functions section, perhaps even inside re.compile and have later been granted their own section in Module Contents, but their mention in re.compile has survived this move, so it now says "The expression’s behaviour can be modified by specifying a flags value. Values can be any of the following variables, combined using bitwise OR (the | operator)." and then nothing follows.
On the other hand in the Flags section of the documentation there is not a single mention of how to use more than one flag at once.