The problem is that when you have module A depending on module B, rustc doesn't do a good job of compiling A and B in parallel. In contrast, in C/C++ you can handcraft your header files to ensure that A and B compile in parallel.
However C++ is also now looking at parallelization opportunities for modules, which is a similar situation as crates.
It is much better at this than C++.
For example, change a trait in your Rust library, and recompile the tests, and compare that with changing a type in, say, range-v3 (or any other C++ header-only library).
In C++, recompiles take pretty much the same time as clean builds (for range-v3, exactly the same time). In Rust, they are infinitely faster (100000x faster, depending on the project, but essentially almost instant, in contrast with initial compiles).
So for development at least I'll pick Rust over C++ every day. I only do an initial compile once, but I edit and recompile a lot, and that's the bottleneck that I really care about.
(Same with C btw, add a new API to a commonly use C header and re-compile, and you end up re-compiling the world, while from Rust, you just re-compile the part of the crate where the new API was added, and since no downstream crates use it, that's pretty much it - instant change).