I thought about responding to jcranmer's post instead of yours, but wasn't sure how to approach it. It's a good comment, and I appreciated his attempt, but I feel like he's thoroughly missing the point of the complaints about UB. The complaint isn't that too much UB exists in C, but that compiler writers seem to use the presence of UB as an excuse for being allowed to break code that has worked historically. And the complaint isn't just that the code is broken, but that no apparent care is taken to avoid doing so despite the small amount of gain. It's a worldview mismatch, and I don't know how to bridge it.
Your comment seems about the same as the one I responded to. You seem to assume that people who complain about UB in C would have a problem with keeping local variables in registers, but I've never seen anyone actually make this complaint. Take for example the Arxiv paper we are discussing: he doesn't bring this up. This makes me suspect that your mental model of the people who are complaining about UB in C is probably flawed. I understand the technical issue you are gesturing toward, I just don't see it as being something that refutes any of the issues brought up in the Arxiv paper.
My hope was that a concrete example might help to clarify, but I do realize this might not be the right forum for that.