Extensive Benchmarks Looking At AMD Znver1 GCC 9 Performance, EPYC Compiler Tuning
With the Himeno pressure solver, the performance leveled out at -O2.
Obviously as the optimization level increases, so does the build times. Particularly LTO will drive up the build times quickly (and memory use), but depending upon the workload it can be quite useful.
The C-Ray ray-tracer really enjoys -O3 and higher for optimal performance.
For FLAC audio encoding and Zstd file compression, -Og already does a lot for performance while maintaining the debug-ability of the program.