C is low-level enough that it's not particularly useful to think in those terms, IMO. If you're writing in C, it's usually for one of the two reasons: either you want to be "close to the metal" because you're doing low-level stuff, or it's a legacy codebase. From the first perspective, I can't think of any "modern" - as in, past three decades - architecture for which signed wraparound is not the default & fastest behavior. From the second perpective, a lot of legacy code actually assumes signed wraparound (because compilers used to just defer to what the hardware actually did).
FWIW the reason why C had UB for signed overflow historically is because back when it was being standardized, there were still machines around that used something other than two's complement to represent signed values. The original ANSI C89 straight up refused to specify the signed representation, and C99 narrowed it down to several options; thus, the obvious hardware implementation would in fact produce different results on overflow. Conversely, unsigned integers always had a well-defined representation for which wraparound was simply the natural hardware behavior. I don't think this was ever meant to have some kind of higher meaning.
Given that C23 explicitly mandates two's complement for signed now, IMO, the signed overflow behavior should just be made consistent with that as well as real-world hardware. The only claimed downside to this is that compilers can no longer "optimize" code that was previously broken but would now be well-defined, but I don't see why that is an actual problem.