Databricks recently rebuilt Spark in C++ in a project called "Delta Engine" to overcome the JVM limitations you're pointing out. You're right, Rust is a great way to sidestep the dreaded JVM GC pauses.
Our experience with Delta Engine has been that it's way more resource hungry than the JVM code it replaced. It doesn't handle resource exhaustion well at all; lots of crashing and deadlock when nearing full resource utilization.
I would love to have something more resource efficient than Spark on JVM, but Delta Engine isn't there yet.
These new GCs are amazing technology, but they primarily target pause time, whereas in data processing the primary concern is the “headroom” of extra space in your heap to allow the GC to work efficiently.