The profiles proposal focuses on a lack of annotations (I think there’s reasonable criticism that this isn’t achieved by it though…), and believing they can get 80% of the benefit for 20% of the effort (at least conceptually, obviously not those exact numbers). They aren’t shooting for full memory safety.
The Safe C++ proposal asks “how do we achieve 100% memory safety by default?”. And then asks what is needed to achieve that goal.
I hesitate to answer your question, but my impression is the answer is that they’re just not shooting for 100% safety, and so it’s acceptable to miss this kind of case.
I don't think they did think that. Having listened to a few podcasts with the safety profile advocates I've gotten the impression that their answer to any question about "right, but how would you actually do that?" is "well, we'll see, and in general there's other problems to think about, too!".
C++ is so complex that it's hard to think through all the implications of design proposals like this.
So practically speaking, the only way to prove a design change is to implement it and get lots of people to take it for a test drive.
But it's hard to find enough people willing to do that in earnest, so the only real way to test the idea is to make it part of the language standard.
So no one made use of it.