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So this is for running Rust code from Python... Just curious, is there an existing way to do the opposite and run Python code from Rust?

this binding can be used both ways. check first example in readme. and https://github.com/PyO3/pyo3/blob/master/src/python.rs#L203

Is this an alternative to cx_Freeze or py2exe?

not really. it is an alternative to C and cython for extension development.