Summary of response from Technical Support:
The 'help' for 'pagemldivide' states that the function never warns for ill-conditioned inputs. The reason for this design choice is performance. The computations needed to throw the warning could be nearly as expensive as the solve itself.
The optional second output argument of pagemldivide can be used to get the (multidimensional) reciprocal condition number, but this can seriously degrade runtime performance.