-ffp-model=strict -ffp-model=fast will still enable strict exception handling behavior, therefore clang still emits constrained FP operations in IR.
-ffp-model=fast -ffp-model=strict emits two warnings: one for strict overriding fast, the other for strict overriding strict, which is confusing.
I would expect the same thing should happen with -ffp-model=strict -ffast-math. This change is not enough to accomplish that.