What this project has done is take the auto-generated translation into C of xetex.web, and wrapped this (unreadable) C code in Rust — which is an odd choice to say the least. It seems (from Reddit comments by the author) that the reason is that author of this project at the time was unaware of LuaTeX, which (starting with a manual and readable translation into C years ago) is actually written in C.
All these odd choices aside, and barring the somewhat misleading “in Rust” description (misleading for another reason: the TeX/LaTeX ecosystem is mostly TeX macros rather than the core “engine” anyway), there are some good user-experience decisions made by this project. With a regular TeX distribution these would be achieved with something like latexmk/rubber/arara, which too are wrappers around TeX much like this project.
There is still room for someone to do a “real” rewrite of TeX (in Rust or whatever), but as someone on TeX.SE said, it is very easy to start a rewrite of TeX; the challenge is to finish it.