The answer is "probably", but it depends on what you do in // work with S. As discussed above, the jury is out on whether merely copying uninitialized memory is UB, but computing on it certainly is.
This is a good question. In many cases, yes, certainly. It's also possible that in all cases this triggers UB in Swift. Swift often does not write down exactly what is considered UB, but I can imagine a rule that copying a type that is not bitwise-copyable without using its copy constructor invokes UB. This example does that, and so if that were the rule then it would invoke UB.
It's worth observing the care I'm taking around saying whether the all-zero bit pattern is a valid representation for the type. This is separate from the question of what the representation of the nil pointer is, because it spans a wide range of types. In this instance, String is a complex aggregate, and it's possible that a validly constructed String never has an all-zero representation. (I think it does, in this case, but just an FYI).
No, I'm saying your program invokes UB. The assembly output is irrelevant from this perspective.
In previous UB conversations you've also asked variants of this question: "how could it crash", "what misbehaviour could it trigger". These are the wrong questions. To again steal from John Regehr, this is like you and I playing 1-on-1 basketball in a street court together and you asking me what bad thing can happen to you if you run with the ball. The answer is that no formal punishment system exists, but you broke the rules of the game.
Similarly, Swift has said that calling assumingMemoryBound(to:) on a pointer whose underlying binding is not of the assumed type invokes UB. That's a conversation-ender. Once you've invoked UB, you are not entitled to any particular outcome: the compiler is free to assume you just didn't do it.
In this case, memory bindings may not appear at the assembly level. They are an artefact of the abstract machine that Swift computes against. Swift has said that in this environment, any memory location can be bound to either zero or one types at any given time, and that accessing the memory through a different bound type is against the rules. The Swift compiler is free to assume that you never do that, and make any transformations it likes to your code assuming that you never do that.
I don't think either of those things are quite true. Certainly I can't speculate on what Swift may or may not due in the future, but I think it would be pretty bold to assume that nothing bad can happen today. Swift assume you'll never do what your code does: if you do, any number of fun things might happen.