Proposed resolution (approved by CWG 2023-11-08):

Change in 7.6.2.2 [expr.unary.op] paragraph 1 as follows:

The unary * operator performs indirection. Its operand shall be a prvalue of type “pointer to T”, where T is an object or function type. The operator yields an lvalue of type T denoting the object or function to which the operand points. If the operand points to an object or function, the result denotes that object or function; otherwise, the behavior is undefined except as specified in 7.6.1.8 [expr.typeid].