The stock verbiage about how modern compilers ignore "register" because they can do better but it may be useful on simpler ones, has been around in this exact form 20 years ago already. And one curious thing is that even back then, such statements would never list specific compilers where "register" still did something useful.
So far as I can tell, "register" was in actual use back when many C compilers were still single-pass, or at least didn't have a full-fledged AST, and thus their ability to do things like escape analysis was limited. With that in mind, "register" was basically a promise to such a compiler to not take the address of a local in the function body (this is the only standard way in which it affects C semantics!). But we haven't had such compilers for a very long time now, even when targeting embedded - the compilers themselves run on full-power hardware, so there's no reason for them to take shortcuts.