I suppose this also ages the cloth/material given that the color is getting oxidised similar to normal bleaching.

I would not expect the effects to be in the same ballpark. Bleaching is very harsh, to the point where I wouldn't want to put my hand in a jug of bleach. I could imagine holding my hand up to a strong light. Sure, it might get too hot or too uncomfortable eventually, but at least in my mind, I would expect it to be lesser (so long as we don't talk about a literal deathray lamp).