The paragraph with this might be a little confusing. It suggests that this is a benefit of Cheerp, but upstream LLVM (and Emscripten, which uses upstream LLVM) can do the exact same thing if you build with -flto to enable LTO.
The benefit of upstream LLVM is that it can do both LTO and non-LTO builds. Non-LTO builds link much, much faster in a large project, since the linker is only concatenating wasm object files, just like a normal linker. That can matter a lot for CI times and local debugging etc.