His flush draws don't have significantly more equity than us, actually.
1- Yes, if the cards were face up, however are you calling two streets with A high because you think villain is on a flush draw?
Many (likely most) of them will be Axs/Kxs type hands that we dominate, and the rest are undercards to our AK, vs which we're about a 45% dog. And we have the advantage here that Villain has a clearly defined range, such as that literally the only turn cards that can scare us are clubs.
2- So a TAG is 3 betting Axs/Kxs type hands vs the HERO who is UTG and then calling a 4 bet? No. The only possible hand that may do this is AQ and even then most regs would rather call a UTG raise with it than 3 bet.
Plus we have to consider how many made hands are really in Villain's range here. He half-pot it after all -- if he's any good he'll know he has to protect his PPs and thus bet bigger with them to deny a FD odds to draw. Sets are safer since you'll have 10 outs to the river vs a turned flush.
3- So what if he half pots it? This isn't a dead read that he is weak. His most likely holding is a pocket pair from 1010-QQ, with flush draws + overcards that won't fold to a shove anyway. Moreover the villain knows that the HERO can't have hit this board in a 4 bet pot and when he checks the flop it's unlikely he has a big pair so he can just bet half pot to try and protect/get value, he doesn't have to bet any bigger on the flop, he is already giving a bad price for the few flush draws that HERO may have if villain also bets river. Also it's much more likely that people in this spot would check-raise than check-call a flush draw + overcards OOP in a 3bet pot. Also, there still aren't many flush draws in his range at all. If you think villain can actually fold his 1010-QQ then check-raising is better than check-calling, but even then it doesn't look believable.
So, if he's the type to flat baby PPs vs a 4bet and half-pot TT+ (in which case he's pretty bad and we can get value from him in later hands with the info from this one), then we have about 26% equity going to the turn, and then the same going to the river if a club misses, plus we crush his range if we hit one of our own outs. If he's not flatting baby PPs but will take this line with TT+ we have 31% equity otf and then 28% equity on a Broadway turn. If he won't take this like with TT+ either (which is the smart thing to do), then we're exclusively up against draws and whatever air he deems fit to bluff here (I'm guessing SBs/SAs/AKo/Heart suited Broadways that miss the board), and we have 45-49% equity depending on how wide his air range is.
4- Again calling down bets with A high is awful at 10nl, we aren't pro's, there is no justification, he most likely isn't 3 betting baby Pocket pairs vs an UTG raise...
So, I peel turn and reevaluate. Most turn cards are nonthreatening anyway and don't change my equity from the flop. If he bombs a Broadway turn I might fold (and always give up when a club comes off), but if the turn misses a club and he barrels like 3/4 pot or less I'll probably raise as a semibluff, since I have decent equity and he'll probably fold to aggression often after missing his turn draw. Hell vs his range I'm actually probably okay peeling river vs anything less than a pot-sized bet.
5- Semi-bluffing any turn after he bets flop/turn is even worse here. You have no fold equity what so ever and like I said before, his range isn't weak at all, it's likely flush draws + overs/ 1010-QQ (most likely holding).
