Yes, but there should be some optimisation opportunities.

Off the top of my head: Any multiply by a constant less than 1.0 will never overflow the unboxed range (but might underflow) and there should be times when it's provably better to check the inputs are inside a range, rather than checking the outputs.

It's worth pointing out that these overflow/underflow checks will be very cold (on typical code). They won't waste much in the way of branch-prediction resources.

I wonder if it's worth taking advantage of floating point overflow/underflow exceptions. I think a multiplication by 2^767 will trigger an exception if the value would overflow, and the corresponding multiply by 2^-765 will catch underflows.

It's tempting to allocate two more tags for floats (001 and 010), covering the entire range from -2^257 to +2^257. It will be rare to actually see those small floats near zero, but it could be worth eliminating the possibility of underflows.