There is no undefined behavior in the example. It's meant to further illustrate my point that C is not a light wrapper around memory and registers. In the example, it's just a deceptively imperative looking way of describing the return value to the optimizer.
The compiler in this case was gcc with -O3.
For an example of behavior that is straight forward in the machine but is undefined in C, try signed integer overflow. Intuitively on x64 it should behave just like ADD, possibly adjust the carry and overflow flags and wrap around. In C, the behavior is entirely undefined. Some operation that results in UB is low hanging fruit for the optimizer. If it can deduce that the operation will result in UB, in this case signed integer overflow, it might omit the operation altogether.
There's no undefined behavior in that example, as far as I can see. The point is that the compiler optimizes away all of the actual computation, since it's able to determine at compile time that the result will always be 0x20.
In a different time, that something was left undefined by the standards might have meant that the result might be some artefact of the target machine architecture, but with aggressively optimizing C compilers the undefined behavior is more likely to be an artefact of the optimizer.
A thin light wrapper wouldn't compile this:
into this: I'm not programming memory or registers, I'm instructing an optimizer.