Yes. An analog would be uninitialized memory. The compiler is free to make optimizations that assume that uninitialized memory holds every value and no value simultaneously (because it is undefined behavior to ever read it).

In the following example, z is dereferenced one time and assigned to both x and y, but if z and x are aliased, then this is an invalid optimization.

    fn increment_by(x: &mut i32, y: &mut i32, z: &i32) {
        *x = *z;
        *y = *z;
    }