We got an unintended consequence of the optimizer getting smarter when compiling in a non-standard mode, and there's no good way to inhibit those optimizations at a later stage. The test is based on an example linked from D92270.
We allow the "no-strict-float-cast-overflow" exception to normal C cast rules to preserve legacy code that does not expect overflowing casts from FP to int to produce UB. See D46236 for details.