> That substring won't remain valid without copying it.
Unless it's not modified? And unless, when modified, that shouldn't be its new value?
C Strings (nul-terminated) are the right approach for static storage of small static strings (like strings literals in the source code) since they have low overhead, and "substrings" aren't second-class citizens.
For dynamically allocated strings that won't be modified after creation, the right approach is using a large memory chunk that is shared between many such strings, plus two indices for offset / length (or just offset if it's text that can be terminated with a sentinel).
Having a short string of about 10 characters allocated as a dynamic object in its own allocation is wasteful. Slow to allocate and has about 2x to 3x overhead. This approach isn't good for applications that store a large amount of data.
> O(N) is not the same as O(1).
Don't call strlen() in situations where the strings are large and you need to know the length ahead of time, and running time is paramount. Instead, store the length.