From my CS theory, a control flow graph models a program flow and one of its main characteristics is it has one entry and exit point. IIRC, CPython’s compilation process involves generation of a control flow graph.
Contrary to peephole optimizations, optimizations on the control flow graph are more global allowing us to have complex and global optimizations like branch and checkpoint eliminations etc.
I have seen several implementations of control flow optimizations. The one I am familiar with is the V8 control flow optimizer.
I tried to investigate this for one of my directed courses last fall but I want to know if there are people who have been thinking about this for CPython and what their thoughts are.