The actual rules are very complicated. C allows greater precision for intermediate results but compilers are sometimes careful to stick to IEEE rounding. [1] contains a good general overview, and [2] talks about FMA in particular. And in [3] I've set up a Godbolt example to play with. By default -O3 gives you FMA, but -O or -O3 with -ffp-contract=off don't. So you absolutely can get different results depending on optimization levels.
[1]: https://randomascii.wordpress.com/2012/03/21/intermediate-fl...