I wasn't able to test this on Godbolt since MSVC wouldn't find the fmt headers on there. Code looks about the same in trunk, so I'd assume the warning would be emitted, too.
Fixing all possible warnings (especially level 4 which have tons of false positive) is a non-goal but you can suppress them with FMT_SYSTEM or other means.
MSVC (VS 16.11.37, toolset v142) emits warning C4702 (unreachable code) at warning level 4 for this line: https://github.com/fmtlib/fmt/blame/e69e5f977d458f2650bb346dadf2ad30c5320281/include/fmt/compile.h#L151
I wasn't able to test this on Godbolt since MSVC wouldn't find the fmt headers on there. Code looks about the same in trunk, so I'd assume the warning would be emitted, too.