In this godbolt [0] I tried using the safe version of equals with two values (from stdin so it can't just optimize the computation away, though I don't think it would) and it seems that when the compiler inlines the equals function, the inefficiencies are removed (which can be seen in the example::main section of the output; lines 212-216 look nearly identical, if not identical, to equals_unsafe in your example).
Please let me know if I'm missing something or if there are any other safe APIs to be wary of.