> If you want to be standards correct, yes you have to know the standard well.
to mean that being standards-correct is optional. It's not. Every C programmer needs to know every possible UB by heart and never introduce any of it to their code, or else they'll be constantly introducing subtle, hard to debug bugs that contradict the actual code they wrote.
Maybe you meant something different by those words, but then I'm confused what the "if" was supposed to mean.
But it's not entirely black and white, either. In practice I'm fine accepting that some bugs are technically UB but whatever, we've found a bug by whatever manifestation (like NULL dereference most likely leading to segfault in practice). I just fix the bug as a bug, and life goes on.
The standard is not perfect, it does have shortcomings. It can be improved. And it can be interpreted to fix some issues. Let's not hold theory over practicality, and let's expect the compiler writers also strive to do the reasonable thing.
To paraphrase your earlier comment - you lose low-friction polymorphism (unpredictable compiler output causes a lot of friction). You lose control of memory allocations (because they may have been elided) and lose control of lifetimes (because free can be moved before last use causing a crash, or removed entirely causing a leak). You lose control of (almost) anything that happens in the system. And it has everything to do with not following the standard.
You do retain control of the memory layout of data structures, though.