I think it does. See §18.104.22.168/5 and /10, which are normative. The principal purpose of volatile is to deal with arbitrary changes of data values outside the program context of the process in which the code is running (ie asynchronous interrupts). (This does not include threads, which are within the program context and which, because they can run on more than one core, require quite different synchronizations, some of which are not async-signal-safe.)
See also the footnote 134 of §6.7.3/8 (which is non-normative despite the "shall not"): "A volatile declaration may be used to describe an object corresponding to a memory-mapped input/output port or an object accessed by an asynchronously interrupting function. Actions on objects so declared shall not be 'optimized out' by an implementation or reordered except as permitted by the rules for evaluating expressions." This is a curious note as, as far as I am aware, it is the one and only reference to memory mapping (and about which I mis-spoke in an earlier posting on this article because it is not in C99 which contains no reference to memory mapping).