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Yes it does. Did you read my links? Small benchmarks can go either way, but for large codebase (especially C++) inliner is more important than just about anything else. So GCC wins, because it has better inliner.
Yep - you evidently didn't read mine as 165 k lines of c++ isn't exactly a small benchmark :) Anecdotal, but I've seen similar improvements over g++ in my code.
More on this idea here: http://blog.pyston.org/2014/12/05/python-benchmark-sizes/