Comment by sgerenser
-O3 gained a reputation of being more likely to "break" code, but in reality it was almost always "breaking" code that was invalid to start with (invoked undefined behavior). The problem is C and C++ have so many UB edge cases that a large volume of existing code may invoke UB in certain situations. So -O2 thus had a reputation of being more reliable. If you're sure your code doesn't invoke undefined behavior, though, then -O3 should be fine on a modern compiler.
Oh, there are also plenty of bugs. And Clang still does not implement the aliasing model of C. For C, I would definitely recommend -O2 -fno-strict-aliasing