Looks like it:

  $ clang -O2 -target bpf -Xclang -target-feature -Xclang +alu32 -c sub32.c
  $ llvm-objdump -S -no-show-raw-insn sub32.o
  
  sub32.o: file format ELF64-BPF
  
  Disassembly of section .text:
  0000000000000000 sub32:
         0: w0 = w1
         1: w0 -= w2
         2: exit
  
  $ clang -O0 -target bpf -Xclang -target-feature -Xclang +alu32 -c sub32.c
  $ llvm-objdump -S -no-show-raw-insn sub32.o
  
  sub32.o: file format ELF64-BPF
  
  Disassembly of section .text:
  0000000000000000 sub32:
         0: w3 = w2
         1: w4 = w1
         2: *(u32 *)(r10 - 4) = r1
         3: *(u32 *)(r10 - 8) = r2
         4: r1 = *(u32 *)(r10 - 4)
         5: r2 = *(u32 *)(r10 - 8)
         6: w1 -= w2
         7: w0 = w1
         8: *(u32 *)(r10 - 12) = r3
         9: *(u32 *)(r10 - 16) = r4
        10: exit