"My bowstring is flaying a bit on the tips. Should I be worried about it?"
Not really. Bowstrings are designed to be multiple times stronger than the bow itself. A few strands flaying is not a big concern.
Individual strands have their own weight allowance. Eg. 20 to 40 lbs per strand. So if your bowstring has 16 strands and they can withstand 40 lbs per strand then its max weight is theoretically 640. Since strands can flay / snap it is desirable to have a max weight that is many multiples of the bow's weight.
If two strands flay the bowstring is still usable because it still has 560 left. If half of the strands flay it is probably time for a new bowstring.
The individual strength of strands can vary wildly between the type of material. Some materials might only be 20 lbs per strand, 25, 30, etc. So for example a particular brand might only be 20 lbs per strand, but might also be physically lighter, and/or more/less likely to stretch. With 16 strands that bowstring would be able to withstand 320 lbs, which is still abundantly more than the bow itself, but might have the advantages of less weight and stretching less.
|Flemish Twist Bowstring|
Most archers prefer to have a robust bowstring that lasts a long time, hence why 14 and 16 strands are the most common. Some will even do 18 or 20 strands just to make the bowstring more robust and take the slower arrow speed as a trade off. (Crossbow bowstrings typically use between 24 and 30 strands, although the actual amount may vary on the crossbow manufacturer and model.)
You may also notice differences in sound, arrow flight accuracy, nock looseness/tightness, bowstring stretchiness effecting brace height, how easily strands flay, and differences between the types of materials you are using (dacron, fastflight, more traditional materials).
For those people who want to gain extra speed / accuracy they may want to consider learning how to make their own bowstrings using better quality materials so they can learn how to optimize speed by lowering the physical weight of the bowstring. If you do decide to do that, a good place to start is to learn how to make a Flemish Twist bowstring.