that all integers are either even or odd, and that for an even integer that integer + 1 and - 1 are odd and vice versa for odd numbers. That the negative numbers have an additional digit from the positive numbers ensures that low(integer) and high(integer) have different parity. So when you wrap around with overflow or underflow you continue to transition from an even to odd, or odd to even.
Presumably since this language isn't C they can define it however they want to, for instance in rust std::i32::MIN.wrapping_sub(1) is a perfectly valid number.
Back when those machines existed, UB meant "the precise behaviour is not specified by the standard, the specific compiler for the specific machine chooses what happens" rather than the modern "a well-formed program does not invoke UB". For what it is worth, I compile all my code with -fwrapv et. al.