Anyone involved in a major refactor knows it is a minefield. It should only be done as part of a strategic upgrade, not because Rust is "better" than C++.
Reasonable people could disagree about whether or not a migration of a particular codebase is worth it. A general / absolute argument in either direction is not reasonable. And this whole thing is muddied by the fact that there’s CERTAINLY a material contingent of, frankly, incredibly delusional C/C++ developers that can’t stand the mere thought of change, nor the implication that these languages may not be perfect. Some even wearing the inscrutable nature of their tools of choice as a point of intellectual pride.
A refactor needs to be part of a strategic initiative. If security is paramount to an organisation, a refactor to Rust can be worth it. Doing new projects in Rust can also be a valid decision.