GCC 12 should have proper support for IEEE-754 compliant 128-bit floating point in libstdc++. So warning is needed when linking against older libstdc++ versions or LLVM libc++.
Glibc starts supporting float128 in both header and libraries since 2.32.
Seems that this will be less frequent than every compiler invocation, so we should probably check this first and early exit if the option isn't specified.