I think we may be playing in slightly different spaces: unlike a JS JIT, Cranelift doesn't have "super fancy escape/type analysis". We're really targeting the core optimizations (GVN, LICM, cprop, RLE, STLF, various algebraic rules) in a fast compile pass. The RLE+GVN interaction was pretty real in our case, as are interactions between the algebraic rewrites and GVN.
You'll note that my main point is that the single fixpoint loop for all of the core rewrites is what we wanted, and what the sea-of-nodes-with-CFG gets us; the egraph (multiple versions of one value) is kind of an aside. One could say: well sure but I could just do a single pass with that fixpoint loop without all the egraph stuff; and, yes, that's what our single rewrite pass is.