The flash is the energy (heat, light) generated by the forces of impact. The asteroid has incredible amounts of energy since it was likely moving very fast compared to the Moon, and it's got to go somewhere.
Looks like the sun might have been just below the horizon.
I'd expect high velocity dust to diffuse rather quickly in near vacuum.
https://www.virtualtelescope.eu/wordpress/wp-content/uploads...
There would be no shockwave, just some light and incredible amounts of very localized heat.