Don't forget the comment above proposes another alternative, "rewrite it in Rust".
The problem with such a proposal is that the cost is impossibly high for many, many cases. Effectively, across the entire existing C++ code base, you get "X% rewrite it in Rust plus (1-X)% do nothing at all", where X is probably a lot closer to 0 than 1.
If your goal is to address as many vulnerabilities as possible, you might want to look for a better plan.
I don't have a ready plan, but the general approach of incrementally improving the safety of existing C++ seems likely to be more effective than rewrites to me -- it could let the X in my formula move a lot closer to 1. Possibly one of the existing mechanisms for this is already better than "RIIR".
Edit, I meant to add:
For many, many things it's not the eleventh hour. For a lot of existing C++ code, no one has reached a final decision point. Many haven't really started at all and are at the 0th hour.