The option is actually --no-as-needed.
diff --git a/Misc/NEWS b/Misc/NEWS
index 233fc1b..352ea20 100644
--- a/Misc/NEWS
+++ b/Misc/NEWS
@@ -313,7 +313,7 @@
 Build
 -----
 
-- Issue #11347: Use --as-needed when linking libpython3.so.
+- Issue #11347: Use --no-as-needed when linking libpython3.so.
 
 - Issue #11411: Fix 'make DESTDIR=' with a relative destination.