Tools like `cargo audit` can tell you statically based on the lockfile which dependencies have security vulnerabilities reported against them (but you have to run it!). And Github's https://github.com/dependabot/ will do that same thing automatically, just based on the existence of the lockfile in your repo (and will also open PRs to bump deps for you).
And as mentioned elsewhere: Cargo's dependency resolver supports providing multiple versions of a dep in different dependency subgraphs, which all but eliminates the "dependency hell" that folks expect from ecosystems like Python or the JVM. Two copies of a dep at different versions? Totally fine.