They do a bit more than that. One of the options (-disable-object-based-analysis under AA2) disables the assumption that distinct identified objects do not alias, which is disabling pointer provenance in at least one key place.
So I think this option very roughly approximates a kind of "no provenance, but with address non-determinism" model, which still permits optimizations like SROA on non-escaping objects.
So I think this option very roughly approximates a kind of "no provenance, but with address non-determinism" model, which still permits optimizations like SROA on non-escaping objects.