Lesson learned: despite whatever “hard” promises a conversion tool (and its creators) make, just backup, check the backup, then format and create your new filesystem.
Windows used to feature a similar tool to transition from FAT32 to NTFS. I'd have the same reservations about that tool, though. Apple also did something like this with an even weirder conversion step (source and target filesystem didn't have the same handling for case sensitivity!) and I've only read one or two articles about people losing data because of it. It can definitely be done safely, if given enough attention, but I don't think anyone cares enough to write a conversion tool with production grade quality.
So best to only mount ro when considering to rollback. Otherwise it's pretty risky.
Even if you disable copy-on-write, as long as the rollback subvolume is there to lay claim to the old data, it's considered immutable and any modification will still have to copy it.
You are right. All of the old files will be in areas btrfs should consider used. So it should correctly restore the state from before the migration. Thanks!