Not just all &mut T, but also all &T, where the T does not transitively contain an UnsafeCell<T>. Click "show llvm ir" instead of "build" here: https://play.rust-lang.org/?version=stable&mode=release&edit...
In some ways, this is kind of the core observation of Rust: "shared xor mutable". Aliasing is only an issue if the aliasing leads to mutability. You can frame it in terms of aliasing if you have to assume all aliases can mutate, but if they can't, then that changes things.