I absolutely loved this scene in Infinity War. Not just because of Strange transforming the black hole into butterflies but it made me realize something I didn't completely notice in the Doctor Strange film. When Strange is traveling through the various dimensions via Ancient One's powers, he sees a yellow butterfly in space. ((Technically a monarch butterfly but it tends to appear more yellow than the typical orange.)) The Ancient One wears yellow. Then the butterflies Strange created? They're blue reminiscence of his blue robes. I think the butterflies are an essence of their powers.
Another thing that came to mind when I saw this scene. Sailor Moon Stars. The way Thanos stands among the butterflies reminds me of Galaxia among the feathers after Eternal Sailor Moon tries attacking her.