Just my 2 cents here. It seems to me the model with the Italian Flag colors on it would be more appropriate for “show”, like in a military parade for Mussolini’s review or something like that. The second picture looks more like one that would have been used out in the field.
However, I could be wrong. In one of my A&A Miniature sets, I think it’s North Africa, I got an Autoblinda 41 and I think it had the Italian Flag on the side, so perhaps they used those like that in the field.
ALso, if you are just wanting to make them more identifiable on the board, perhaps you might want to paint the little Italian Flag on them so they will stand out a little more. Perhaps don’t worry about the Flag colors on the front and only paint the one on the side. That first picture does seem a bit overkill on the flags.
I guess it really comes down to your own taste. The little flag might make them look a little prettier and stand out more on the game board, without the flag would make them look more like actual vehicles going into combat.
Good luck. Hope they turn out good for you.