As discussed in D112016, our current requirement of speculatability for ephemeral is overly strict: What we really care about is that the instruction will be DCEd once the assume is dropped. For that it is sufficient that the instruction is side-effect free and not a terminator.
In particular, this allows non-dereferenceable loads to be ephemeral values.
it'd be nice to a have a test case for this, but that might be hard to come up with