Proposed resolution (approved by CWG 2023-10-06):

Change all of 7.6.2.7 [expr.unary.noexcept] as follows:

The noexcept operator determines whether the evaluation of its operand, which is an unevaluated operand (7.2.3 [expr.context]), can throw an exception (14.2 [except.throw]).

noexcept-expression:
        noexcept ( expression )

The operand of the noexcept operator is an unevaluated operand (7.2.3 [expr.context]). If the operand is a prvalue, the temporary materialization conversion (7.3.5 [conv.rval]) is applied.

The result of the noexcept operator is a prvalue of type bool. The result is false if the full-expression of the operand is potentially-throwing (14.5 [except.spec]), and true otherwise.

[Note 1: A noexcept-expression is an integral constant expression (7.7 [expr.const]). —end note]

If the operand is a prvalue, the temporary materialization conversion (7.3.5 [conv.rval]) is applied. The result of the noexcept operator is true unless the full-expression of the operand is potentially-throwing (14.5 [except.spec]).

[Accepted as a DR at the November, 2023 meeting.]

The introductory sentence "can throw an exception" is misleading, because it might be interpreted to cover exceptions thrown as the result of encountering undefined behavior.