Partitioning by instance works if you have enough instances to avoid big increases, but at that point you can just deploy known-good and new-feature builds. Runtime checking helps if it's a lot faster than rolling back to the known-good build, or if you're doing concurrent experiments (you may not have enough instances to try every possible combination).
Having done it both ways this would not be my recommendation unless it's necessary - I think it adds a fair amount of complexity.
Some considerations: you'll need some sort of storage mechanism for these flags - is that a centralized configuration service for all your services? Maybe just a table in your database? But database / network calls are expensive to be adding to every single time your code executes the path in question - maybe it makes sense for your service to cache these values locally...but then doesn't that lose part of the purpose of 'fast rollbacks'? Maybe instead of a local cache you spin up a redis instance - but what if this goes down? Will all your instances default to the same value? Etc, etc, etc.
I'm not saying this approach is bad, only that it has complexity, and I find I generally can get away without it.
