The industry accepted way of handling circular dependencies is to not have them and heavily lint against them in languages which permit them in compilation or runtime.
That said, you also run into related parallelism blockers without cycles. For example, the orphan rules force most trait impls for a type to be in the same crate as the type definition. Also, a module which has no source-level cycles will often have cycles after monomorphization. In this case, Rust doesn’t prevent you from splitting the code into crates like it does with source-level cycles, but you do lose most of the actual codegen parallelization unless you can switch from generics to trait objects.