If I had to guess, -Os prevents most inlining and in inlining is is pretty much required to remove most of the pure compile time abstraction and indirection that is used even on most trivial C++ libraries. Very likely libstdc++ make significant use of that.

The intermediate inline stages greatly expand the code size, until the point level where all the abstraction can be compiled away. I guess that -Os simply settles for a local optimum and gives up inlining early.