I think sv_vcatpvfn can or does use the C runtime to format floats. Even if it doesn't, the C runtime is used to create the floats in the first place, so it definitely matters.
I just re-checked with ltrace, and yes you're right, it does in fact call snprintf() and frexp() to format floats.
I had done a similar check some time ago, and was surprised to not find any libc calls related to Perl's s/printf() (which is why I posted) — but that must have been without a float format specifier being used... (rather only integer formatting like %d, %u etc.)
As to the creation of floats, however, I don't see any calls to libc or libm. Any idea what function that would be (just out of curiosity)?
I didn't track Atof all the way through since I found comments in perl.h indicate Perl usually uses Perl's own atof implementation, but it can be configured to the native implementation (and does so on UNICOS).