[p4bl0]

Possibly (I don't know how volatile interact with registers allocation), but the thing is you don't just want this specific example to work, there are a lot of things you want to be able to really ensure, i.e., have rigorous proof of [1]. So maybe if the semantics is adequate and the compiler itself is formally proved like CompCert [2] you can rely on volatile, but that's a lot a assumptions.

[1] See for example the work we did in this paper: Formally Proved Security of Assembly Code Against Power Analysis: A Case Study on Balanced Logic https://eprint.iacr.org/2013/554

[2] https://compcert.org/