Yes, but undefined behaviour is undefined behaviour, and that behaviour can legally be that the code is not emitted at all, volatile (or any other side effect) or not. (and compilers do reason about undefined behaviour when optimising, so this isn't necessarily a completely theoretical argument, though I don't know whether the in compiler's actual logic which of 'don't optimise volatile' or the 'do assume undefined behaviour is impossible and remove code that definitely invokes it' would 'win', or whether there's any current compiler that would flag this as unconditionally undefined behaviour in the first place).