I added the original -save-temps option back in 1988 when I was working on the Motorola 88000 port for Data General, and about 4 years ago, I added -save-temps=obj due to issues with complex builds on machines with many cores where you build things in parallel. Its main use is to be added as a normal option, but save the intermediate files to be used later, just in case you need it.
You can also run objdump on the .o files (object files) that are in the build directory, if you want to see what the code generated is for a particular module. If you add the option to add debug information (-g) to the compilation, the objdump -l option will indicate the source file and line number from the code that is generated. At the present time, there is no debugger for Teensy, but it is harmless to add -g if you are going to use objdump.