One more aspect that I think emphasizes the number of coincidences that had to come together to find this:
I run a number "buildfarm" instances for automatic testing of postgres. Among them with valgrind. For some other test instance I had used -fno-omit-frame-pointer for some reason I do not remember. A year or so ago I moved all the test instances to a common base configuration, instead of duplicate configurations. I chose to make all of them use -fno-omit-frame-pointer.