As one of the innovative technologies of intelligent transportation systems (ITS), Connected and Autonomous Vehicles (CAVs) have been deployed gradually. Given that there will be a long transition period before reaching a fully CAVs environment, it is crucial to assess the potential impacts of CAVs on mixed traffic flow. Considering platoon formation process, this study develops a platoon cooperation strategy based on “catch-up” mechanism, and then analyzes the impact on fundamental diagram, traffic oscillation, and traffic safety within mixed traffic. Simulation results show that with an increasing market penetration rate (MPR) of CAVs, road capacity shows an increasing trend. Compared with base scenario, a clear increase in road capacity is also observed under platoon scenario. With an increasing MPR, traffic oscillation is shown to reduce largely. Furthermore, the proposed platoon strategy could dampen frequent shockwaves and shorten the propagation range of waves. Regarding traffic safety, multiple surrogate safety measures (SSMs) are used to evaluate the traffic risk: including Criticality Index Function (CIF), Potential Index for Collision with Urgent Deceleration (PICUD), and Deceleration Rate to Avoid a Crash (DRAC). With increasing MPR, collision risk identified by CIF and DRAC shows an increase tendency, while that identified by PICUD has no apparent trend. Furthermore, the platoon strategy is shown to increase the severity of traffic conflicts significantly. Overall, this study provides novel insights into CAVs deployment through the analysis of platoon strategy.