Yes, there is. It does not matter that storage happens to be allocated beyond the end of said array. Strict aliasing implies that it is UB to reinterpret the array as anything else. And it is UB to access an array out of bounds.
Flexible array members specifically exist for these dynamically-allocated trailing arrays. They do not solve the strict aliasing problem, though.
> if the payload type has an alignment that's greater than the size of a pointer
The amount of padding is implementation-defined. The only portable guarantee is that 'payload' is aligned for its element type, char. To over-align, use _Alignas, as in:
struct node {
struct node *next;
_Alignas(max_align_t) char payload[]; // Satisfies all fundamental alignment requirements
};