If your build system is reproducible there is no reason this would not work.
In the past the effects of using both -g and -O* flags could interact each other because they can both affect how registers are allocated, how call stacks are setup, how functions are inlined, etc. In other words, adding -g by itself made the build non-reproducible.
If that's no longer true in GCC 8 it's great news.
Bootstrap failures are taken very seriously by the GCC developers. So I really doubt that -g and -O* lead to non-deterministic builds.
In my experience, this is largely not true. However, what is plausible is that before GCC 8, LTO, which, for speed reasons, can split work across multiple threads, was not deterministic, and GCC 8 might have made that better.