Consider all Projs, since they may have normal users.

ir/ir/irnode.c

@@ -1164,12 +1164,10 @@ bool only_used_by_keepalive(const ir_node *node)
 
 	foreach_out_edge(node, edge) {
 		ir_node *succ = get_edge_src_irn(edge);
-		if (is_End(succ)) {
+		if (is_End(succ) || (is_Proj(succ) && only_used_by_keepalive(succ))) {
 			kept = true;
 			continue;
 		}
-		if (is_Proj(succ) && only_used_by_keepalive(succ))
-			return true;
 		/* found a real user */
 		return false;
 	}