Chrome's use of strict process isolation is a fairly new thing. For most of its history, it was trivially easy to open any other site in the same process as your own site (via window.open(), iframe, etc.), and V8's sandboxing was the thing protecting those sites from each other. So V8 was, in fact, designed for this.
When Spectre hit, Chrome concluded that defending the web platform from Spectre in userspace was too hard, so they decided to go all-in on process isolation so that Spectre was the kernel's problem instead. This is a great defense-in-depth strategy if you can spare the resources. On most platforms where Chrome runs, the additional overhead was deemed worth it. (Last I heard there were still some lower-powered Android phones where the overhead was too high but that was a while ago, maybe they've moved past that.)
That doesn't mean V8 has decided their own security doesn't matter anymore. Securely sandboxing the renderer process as a whole isn't trivial, especially as it interacts with the GPU and whatnot. So it's still very much important to Chrome that V8's sandbox remains tight, and the renderer sandbox provides secondary defense-in-depth.
When it comes to Cloudflare Workers, the performance penalty for strict process isolation is much higher than it is for a browser, due to the finer-grained nature of our compute. (Imagine a browser that has 10,000 tabs open and all of them are regularly receiving events, rather than just one being in the foreground...) But we have some advantages: we were able to rethink the platform from the ground up with side channel defense in mind, and we are free to reset the state of any isolate's state any time we need to. That lets us implement a different set of defense-in-depth measures, including dynamic process isolation. More details in the blog post linked earlier [0]. We also did research and co-authored a paper with the TU Graz team (co-discoverers of Spectre) on this [1].
I may be biased, but to be perfectly honest, the security model I find most terrifying is the public clouds that run arbitrary native code in hardware VMs. The VM software may be a narrower attack surface than V8, but the hardware attack surface is gigantic. One misimplemented CPU instruction allowing, say, reading physical addresses without access control could blow up the whole industry overnight and take years to fix. Spectre was a near miss / grazing hit. M1 had a near miss with M1racles [2]. I think it's more likely than not that really disastrous bugs exist in every CPU, and so I feel much, much safer accepting customer code as JavaScript / Wasm rather than native code.
[0] https://blog.cloudflare.com/mitigating-spectre-and-other-sec...
[1] https://blog.cloudflare.com/spectre-research-with-tu-graz/
[2] https://m1racles.com/