$\newcommand{\Re}{\operatorname{Re}}\newcommand{\Im}{\operatorname{Im}}$
Lemma: If $|z|=|w|$, then
$$
\arg(z-w)=\frac{\arg(z)+\arg(w)}2\pm\frac\pi2\tag1
$$
Proof: Let $z=re^{ia}$ and $w=re^{ib}$.
$$
\begin{align}
re^{ia}-re^{ib}
&=\color{#C00}{2}r\,\frac{e^{i(a-b)/2}-e^{i(b-a)/2}}{\color{#C00}{2}\color{#090}{i}}\,\color{#090}{e^{i\pi/2}}e^{i(a+b)/2}\tag{2a}\\
&=2r\sin\left(\frac{a-b}2\right)\,e^{i(a+b+\pi)/2}\tag{2b}
\end{align}
$$
Since $\sin\left(\frac{a-b}2\right)$ might be positive or negative, the argument might be $\frac{a+b+\pi}2$ or $\frac{a+b-\pi}2$.
$\large\square$
Invariance of the Cross Ratio
A cross ratio is unchanged by the translation (represented by $b$), rotation (represented by $\arg(a)$), and scaling (represented by $|a|$) in the map $z\mapsto az+b$. That is,
$$
\begin{align}
\frac{((az_1+b)-(az_3+b))\ ((az_2+b)-(az_4+b))}{((az_2+b)-(az_3+b))\
\ ((az_1+b)-(az_4+b))}
&=\frac{a(z_1-z_3)\ a(z_2-z_4)}{a(z_2-z_3)\ a(z_1-z_4)}\tag{3a}\\
&=\frac{(z_1-z_3)(z_2-z_4)}{(z_2-z_3)(z_1-z_4)}\tag{3b}
\end{align}
$$
Moving Three Points to the Real Line or the Unit Circle
For three collinear points, translate one of the points to the origin and rotate the others to the real axis.
For three non-collinear points, translate their circumcenter to the origin, then scale so the points are all on the unit circle.
Mapping a Fourth Point
Define
$$
\begin{align}
f(\color{#C00}{z})
&=\frac{(z_1-z_3)(z_2-\color{#C00}{z})}{(z_2-z_3)(z_1-\color{#C00}{z})}\tag{4a}\\
&=\frac{z_1-z_3}{z_2-z_3}\left(\frac{z_2-z_1}{z_1-\color{#C00}{z}}+1\right)\tag{4b}
\end{align}
$$
Then, as long as $z_1,z_2,z_3$ are not coincident, $f$ is bijective on the Riemann Sphere ($\mathbb{C}^\ast$). In fact,
$$
\begin{align}
f^{-1}(\color{#C00}{w})
&=\frac{\color{#C00}{w}\,z_1(z_2-z_3)-z_2(z_1-z_3)}{\color{#C00}{w}\,(z_2-z_3)-(z_1-z_3)}\tag{5a}\\
&=z_1\frac{\color{#C00}{w}-\frac{z_2}{z_1}\frac{z_1-z_3}{z_2-z_3}}{\color{#C00}{w}-\frac{z_1-z_3}{z_2-z_3}}\tag{5b}
\end{align}
$$
As mentioned above, any three points can be moved either to the real line or to the unit circle using a map $z\mapsto az+b$. Furthermore, the map $z\mapsto az+b$ preserves the cross ratio.
Therefore, all that needs to be considered is either $\Im(z_1)=\Im(z_2)=\Im(z_3)=0$ (three points on the real axis) or $|z_1|=|z_2|=|z_3|=1$ (three points on the unit circle).
Case $\boldsymbol{1}$: $\boldsymbol{\Im(z_1)=\Im(z_2)=\Im(z_3)=0}$
Since $z_1,z_2,z_3\in\mathbb{R}$, $f:\mathbb{R}^\ast\to\mathbb{R}^\ast$ and $f^{-1}:\mathbb{R}^\ast\to\mathbb{R}^\ast$ (where $\mathbb{R}^\ast=\mathbb{R}\cup\{\infty\}$).
Thus, if three of four points are collinear, then the cross-ratio of the four points is real iff all four points are collinear.
Case $\boldsymbol{2}$: $\boldsymbol{|z_1|=|z_2|=|z_3|=1}$
Let's first prove a Corollary of the Lemma.
Corollary: Suppose $|z_1|=|z_2|=|z_3|$. Then
$$
\frac{z_2}{z_1}\frac{z_1-z_3}{z_2-z_3}=\overline{\frac{z_1-z_3}{z_2-z_3}}\tag6
$$
Proof:
$$
\begin{align}
\arg\left(\frac{z_1-z_3}{z_2-z_3}\right)
&=\left(\frac{\arg(z_1)+\arg(z_3)}2\pm\frac\pi2\right)-\left(\frac{\arg(z_2)+\arg(z_3)}2\pm\frac\pi2\right)\tag{7a}\\
&\equiv\frac{\arg(z_1)-\arg(z_2)}2\pmod{\pi}\tag{7b}
\end{align}
$$
Explanation:
$\text{(7a):}$ apply the Lemma
$\text{(7b):}$ $\pm\frac\pi2-\pm\frac\pi2\equiv0\pmod{\pi}$
Therefore,
$$
\begin{align}
\arg\left(\frac{z_2}{z_1}\frac{z_1-z_3}{z_2-z_3}\right)+\arg\left(\frac{z_1-z_3}{z_2-z_3}\right)
&=\arg\left(\frac{z_2}{z_1}\right)+2\arg\left(\frac{z_1-z_3}{z_2-z_3}\right)\tag{8a}\\[3pt]
&\equiv\arg(z_2)-\arg(z_1)\\[3pt]
&+2\left(\frac{\arg(z_1)-\arg(z_2)}2\pmod{\pi}\right)\tag{8b}\\[3pt]
&\equiv0\pmod{2\pi}\tag{8c}
\end{align}
$$
Explanation:
$\text{(8a):}$ multiplication is associative
$\text{(8b):}$ $\arg\left(\frac{z_2}{z_1}\right)=\arg(z_2)-\arg(z_1)$
$\phantom{\text{(8b):}}$ apply $(7)$
$\text{(8c):}$ $2(x\pmod{\pi})=2x\pmod{2\pi}$
Since $|z_1|=|z_2|$, we have
$$
\left|\frac{z_2}{z_1}\frac{z_1-z_3}{z_2-z_3}\right|=\left|\frac{z_1-z_3}{z_2-z_3}\right|\tag9
$$
$(8)$ and $(9)$ show that $\frac{z_2}{z_1}\frac{z_1-z_3}{z_2-z_3}$ and $\frac{z_1-z_3}{z_2-z_3}$ have the same absolute value and opposite arguments. Thus, they are conjugates.
$\large\square$
Suppose $|z|=1$, then
$$
\begin{align}
\arg(f(z))
&=\arg\left(\frac{(z_1-z_3)(z_2-z)}{(z_2-z_3)(z_1-z)}\right)\tag{10a}\\
&=\left(\frac{\arg(z_1)+\arg(z_3)}2\pm\frac\pi2+\frac{\arg(z_2)+\arg(z)}2\pm\frac\pi2\right)\\
&-{}\left(\frac{\arg(z_2)+\arg(z_3)}2\pm\frac\pi2+\frac{\arg(z_1)+\arg(z)}2\pm\frac\pi2\right)\tag{10b}\\[3pt]
&\equiv0\pmod\pi\tag{10c}
\end{align}
$$
Explanation:
$\text{(10a):}$ definition of $f$
$\text{(10b):}$ apply the Lemma
$\text{(10c):}$ $\pm\frac\pi2+\pm\frac\pi2\equiv0\pmod{\pi}$
That is, the cross-ratio of $4$ concyclic points is real.
Suppose that $w\in\mathbb{R}$, then
$$
\begin{align}
\left|f^{-1}(w)\right|
&=\left|\,z_1\frac{w-\frac{z_2}{z_1}\frac{z_1-z_3}{z_2-z_3}}{w-\frac{z_1-z_3}{z_2-z_3}}\,\right|\tag{11a}\\
&=\left|\,\frac{\overline{w}-\overline{\frac{z_1-z_3}{z_2-z_3}}}{w-\frac{z_1-z_3}{z_2-z_3}}\,\right|\tag{11b}\\[9pt]
&=1\tag{11c}
\end{align}
$$
Explanation:
$\text{(11a):}$ apply $\text{(5b)}$
$\text{(11b):}$ $|z_1|=1$ and $\overline{w}=w$ since $w\in\mathbb{R}$
$\phantom{\text{(11b):}}$ apply the Corollary
$\text{(11c):}$ $\left|\overline{z}\right|=|z|$
That is, if the cross-ratio of $4$ non-collinear points is real, they are concyclic.