Since https://reviews.llvm.org/D86841, ~ Aug 2020, Clang is able to reason about the forward progress guarantees of the input. For the LLVM-IR handling see https://reviews.llvm.org/D86233. While we are still adding more fine-grained support of different language standards and corner cases, e.g., constant loop condition in C vs. C++, you should be able to tell LLVM a loop is allowed to loop forever w/o side-effect. In fact, that is the new default. That said, LLVM still removes calls to functions without side effect unconditionally. We are working on that, i.a., https://reviews.llvm.org/D94106.
loop {
core::sync::atomic::compiler_fence( core::sync::atomic::Ordering::SeqCst);
}