Consider:

$ cat a.c
int foo() { return 1; }

$ cat b.c
int bar() { return 2; }

$ cat t.c
int foo();
int main() {
  return foo();
}

$ cl -c t.c a.c b.c && lld-link /LIB a.obj b.obj -out:foo.lib
Microsoft (R) C/C++ Optimizing Compiler Version 19.13.26131.1 for x64
Copyright (C) Microsoft Corporation.  All rights reserved.

t.c
a.c
b.c
Generating Code...

$ lld-link t.obj foo.lib -wholearchive:foo.lib -out:t.exe -verbose -nodefaultlib -entry:main
C:\src\llvm-project\build\bin\lld-link.exe: Reading t.obj
C:\src\llvm-project\build\bin\lld-link.exe: Directives: t.obj: /DEFAULTLIB:"LIBCMT" /DEFAULTLIB:"OLDNAMES"
C:\src\llvm-project\build\bin\lld-link.exe: Reading foo.lib
C:\src\llvm-project\build\bin\lld-link.exe: Reading foo.lib(a.obj)
C:\src\llvm-project\build\bin\lld-link.exe: Directives: foo.lib(a.obj): /DEFAULTLIB:"LIBCMT" /DEFAULTLIB:"OLDNAMES"
C:\src\llvm-project\build\bin\lld-link.exe: Loaded foo.lib(a.obj) for foo
C:\src\llvm-project\build\bin\lld-link.exe: ICF needed 2 iterations

As you can see from the verbose output, b.obj is not loaded, but it is if I swap in link.exe:

$ link t.obj foo.lib -wholearchive:foo.lib -out:t.exe -verbose -nodefaultlib -entry:main
Microsoft (R) Incremental Linker Version 14.13.26131.1
Copyright (C) Microsoft Corporation.  All rights reserved.

Processed /NODEFAULTLIB (suppressing all default libs)

Starting pass 1
        Loaded foo.lib(a.obj)
        Loaded foo.lib(b.obj)

Searching libraries
    Searching foo.lib:

Finished searching libraries

Finished pass 1

Starting pass 2
     t.obj
     foo.lib(b.obj)
     foo.lib(a.obj)
Finished pass 2

This is causing Chromium's base_unittests tests to fail with asan, which uses wholearchive.