In the past I've noted a lot of change for the sake of change. Not to say it is the case here, ...

Yes, I don't think it's the case here.
There's good evidence that this change was deemed necessary.

However, I've just built perl-5.33.8 on Windows, without -fwrapv, and all tests passed.
This was using gcc-10.3.0. Maybe Windows was never affected, or maybe something has changed with gcc-10.3.0.
I'll test more extensively with perl-5.33.9 when it comes out (either later today or tomorrow), and add a report to https://github.com/Perl/perl5/issues/13690 if I can't find any need for -fwrapv

C:\comp-1020\perl-5.33.9\win32>..\perl -I..\lib -V:archname
archname='MSWin32-x64-multi-thread';

C:\comp-1020\perl-5.33.9\win32>..\perl -I..\lib -V:d_nv_preserves_uv
d_nv_preserves_uv='undef';

C:\comp-1020\perl-5.33.9\win32>..\perl -I..\lib -V:nv_preserves_uv_bit
+s
nv_preserves_uv_bits='53';

C:\comp-1020\perl-5.33.9\win32>..\perl -I..\lib -V:ccflags
ccflags=' -DWIN32 -DWIN64 -fdiagnostics-color=never -DPERL_TEXTMODE_SC
+RIPTS -DPERL_IMPLICIT_CONTEXT
 -DPERL_IMPLICIT_SYS -DUSE_PERLIO -D__USE_MINGW_ANSI_STDIO -fno-strict
+-aliasing -mms-bitfields';

C:\comp-1020\perl-5.33.9\win32>..\perl -I..\lib -le "print $];"
5.033008
[download]

Cheers,
Rob