This is a relatively new recommendation on V8's part specifically in response to Spectre-type vulnerabilities.
We've spent a lot of time thinking about and building mitigations for speculative side channel attacks. For example, early on in the project -- before anyone even knew about Spectre -- we made the decision that `Date.now()` would not advance during code execution, only when waiting for I/O. So, a tight loop that calls `Date.now()` repeatedly will keep getting the same value returned. We did this to mitigate timing side channels -- again, even though we didn't know about Spectre yet at the time.
Chrome has indeed stated that they believe process isolation is the only mitigation that will work for them. However, this statement is rather specific to the browser environment. The DOM API is gigantic, and it contains many different sources of non-determinism, including several explicit timers as well as concurrent operations (e.g. layout, rendering, etc.). Side channel attacks are necessarily dependent on non-determinism; a fully-deterministic environment essentially by definition has no covert side channels. But, there's no way Chrome can get there.
The Cloudflare Workers environment is very different. The only kinds of I/O available to a worker are HTTP in, HTTP out, `Date.now()`, and `crypto.getRandomValues()`. Everything else is perfectly deterministic.
So, for us, the problem is much narrower. We need to make sure those four inputs cannot effectively be leveraged into a side channel attack. This is still by no means trivial, but unlike in the browser, it's feasible. `getRandomValues()` is not useful to an attacker because it is completely non-deterministic. `Date.now()` we've already locked down as mentioned above. HTTP in/out can potentially be leveraged to provide external timers -- but the network is extremely noisy. A practical attack would require a lot of time in order to average out the noise -- enough time that we can do a bunch of higher-level things to detect and disrupt possible attacks. It helps that Workers are stateless, so we can reset a worker at any time and move it around, which makes attacks harder.
NetSpectre demonstrated that even physical network separation does not necessarily protect you against Spectre attacks. There's simply no such thing as a system that's perfectly secure against Spectre, process isolation or not. All we can do -- aside from going full BSG and giving up on networks altogether -- is make attacks harder to the point of infeasibility. Luckily, we have lots of tools in our toolbox for making Spectre attacks infeasible in the case of Cloudflare Workers.